Macy’s is downsizing. The legacy retail company announced plans to close 150 stores over the next several years to focus on its more successful stores and ventures. According to reports, the department store chain has not disclosed exact locations that…
With Lack of Investment In New Private Label Brands – Sears Is Done
Sears could only be a few days away from filing bankruptcy, according to recent reports. The parent company, Sears Holdings, faces an October 15 deadline to pay $134 million on its debt.
Ray Wimer is an assistant professor of retail practice at Syracuse University’s Martin J. Whitman School of Management. Professor Wimer says Sears’ lack of investment in new brands and its overall downward trend in merchandise and retail performance points to the end of days for the former retail heavyweight.
“The story of Sears over the past year has been about the debt situation and trying to rework the debt payments coming due. The bigger issue that has not been discussed is the actual merchandise and the retail performance of the company that has been on a downward trend the last 10 years.
“Look at J.C. Penney (that has some similar financial issues) – launching a new brand Peyton & Parker on next Friday. I can’t remember the last time Sears launched a new brand to excite the customers to shop.
“All major retailers have been heavily invested in new private label brands this year. Not Sears. I think we are seeing things coming to the end for Sears.”
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