President Donald Trump on Monday fretted over the news that Sears, once the world's largest retailer, has filed for Chapter 11 bankruptcy protection following years of slumping sales.
The president said that Sears holds a special place in the heart of his generation and that its massive downsizing is "such a shame."
"Somebody that is of my generation, Sears Roebuck was a big deal, so it's very sad to see," Trump said. "Sears has been dying for many years. It's been obviously improperly run for many years"
For Trump to refer to a corporation as "improperly run" has some people calling foul, however, as his own business history is littered with bankruptcies (six in total) and failing to pay contractors.
Trump didn't seem too concerned about the thousands of people who will lose their jobs.
The country is pushing trillion-dollar deficits, which has many nervous about our economic future.
Trump also said that retail locations left vacant by Sears and KMart present an opportunity for other businesses to move in and create jobs.
"With that being said, I would imagine some of those great sites that Sears has, they really have some great sites, will be put to good use," Trump added. "It will be a lot of jobs."
The 126-year-old Sears Holding Company announced on Monday that it will be closing 142 Sears and KMart stores across the United States by the end of 2018. The company was unable to make a $134 million loan payment due Monday and is seeking relief from its massive $5.5 billion debt.
As part of its reorganization, Sears CEO Eddie Lampert will step down effective Monday.
"The Chapter 11 process will give Holdings the flexibility to strengthen its balance sheet, enabling the Company to accelerate its strategic transformation, continue right-sizing its operating model, and return to profitability," the now-former boss said in a statement. "Our goal is to achieve a comprehensive restructuring as efficiently as possible, working closely with our creditors and other debtholders, and be better positioned to execute on our strategy and key priorities."
Lampert promised customers a worthwhile shopping experience for the holiday season.
"As we look toward the holiday season, Sears and Kmart stores remain open for business and our dedicated associates look forward to serving our members and customers. We thank our vendors for their continuing support through the upcoming season and beyond. We also thank our associates for their hard work and commitment to providing millions of Americans with value and convenience."
In a nutshell: Chapter 11 forgives certain debts and restructures others while allowing businesses to continue operating.
