A year ago, a Sears bankruptcy would have fit better into the U.S. retail narrative, given the steady decline of shopping malls and foundering chains. Today, however, with shoppers feeling more free to spend and nicer malls on the upswing, bankruptcy is a clear sign of individual weakness, not an industry trend.
Sears Holdings Corp., once a force in U.S. retail so dominant that it could be called the Amazon of the 20th century, has been suffocated by debt and a steady erosion of revenue. While department-store competitors invested in e-commerce and tried new brands and formats, Sears withered as majority shareholder and Chief Executive Officer Eddie Lampert repeatedly cut costs and shuttered stores.
