Current Event #9 - Sears Survives the Bankruptcy Auction

With well known booming companies like Walmart and Amazon, another store had to file for bankruptcy like Toys ‘R’ Us, a popular kids store. Sears, a well-known retail store filed for Chapter 11 Bankruptcy. Sears was flooded with debt with $134 million dollars to pay.  Sears closed 142 stores, but after months they survived through the bankruptcy auction and 400 stores are being kept open. Eddie Lampert, a billionaire, and the companies chairman along with the largest shareholder, won the auction. Lampert ended up raising his offer to $5 billion to keep 400 stores open in the nation. This move will not only save 400 stores but 45,000 jobs.

Bankruptcy is definitely one of the worst things that could happen to a business. As we have seen the well-known crash of Toys ‘R’ Us because of Amazon. This also happened to Sears. Like what's the point in going out to buy something when you could get it delivered to you with a click of a button? I do think Lampert's move was wise to help others and their jobs. Buying a company crippled in debt is a big risk. Hopefully, Lampert can bring Sears back to life while keeping 400 stores open but also so others can enjoy it while workers jobs are getting saved.

 https://www.washingtonpost.com/business/2019/01/16/sears-survives-bankruptcy-auction-will-keep-stores-open/?utm_term=.1806904ce062

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