It was the latest sign of America’s economic decline under President Barack Obama: Retail giant Sears announced that it was shuttering 78 stores across the country.
According to CNN, that number includes 10 Sears stores and 68 Kmart stores, which are owned by the Sears brand. Hundreds of stores have been closed in the past few years, but that still wasn’t enough to stop Sears from incurring a $580 million loss last quarter.
The retail giant has not turned a profit since 2012.
“The decision to close stores is a difficult but necessary step as we take aggressive actions to strengthen our company, fund our transformation and restore Sears Holdings to profitability,” Sears CEO Edward S. Lampert said.
“We’re focusing on our best members, our best categories, and our best stores as we work to accelerate our transformation.”
No word yet on how many jobs would be lost, but liquidation sales were scheduled to be held April 29 and May 12.
Sadly, the 130-year-old retail icon, founded in Chicago in 1886, wasn’t the only one cutting jobs or stores. Another two retail giants, Macy’s and JCPenny, shuttered 12 and 39 stores, respectively.
According to WND, among the other stores that have closed locations in the past year are Abercrombie & Fitch, Barnes & Noble, Chico’s, Children’s Place, Coach, Fresh & Easy, Gymboree, JCPenney, Macy’s, Office Depot, Pier One and Pep Boys.
#BREAKING 78 Sears and Kmart stores will close across the U.S.; see the full list https://t.co/SQYDyGa8sq
— USA TODAY (@USATODAY) April 21, 2016
Meanwhile, Obama keeps telling us that the economy has recovered. Remember the administration tagline — “General Motors is alive and Osama bin Laden is dead?”
Personally, unless Obama parachuted in and fought through defenses to kill bin Laden, I think the credit for that one should probably go to the military. However, there’s every reason to believe that Obama’s destructive, anti-business policies are responsible for many of the problems America’s corporations face — including General Motors.
Between outrageous corporate taxes, ridiculous union demands and the burden of Obamacare, one can expect to see a lot more businesses go the way of Sears, and go that way in a hurry. Welcome to Obama’s America.
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