Speaking of failing retailers…
Sears is on the clearance rack… and the company is officially a “penny stock.” The company’s stock is now trading for under $1 and dropped to as low as .85 cents per share on Friday. Sears could also be delisted from the Nasdaq – but that’s a long process and won’t happen until 2019. The stock has had a brutal year, too, down 88%.
Today, Sears must… prove to lenders that they can pay $134 million worth of debt due on October 15. The company is running out of time and cash. Sears market value has also fallen below $100 million.
You may be too young to remember… Sears was once one of America’s largest retailers and employers. Many Americans bought mass-produced goods for the first time through a Sears catalog. However, by the early 2000s companies like Walmart began beating Sears in both price and selection. And it has been mostly downhill since.