Sears losses are mounting as the once iconic brand continues to struggle. The company announced it had a brutal holiday quarter and is planning to cut costs by $1 billion in 2017. Full year revenue is expected to fall 12% from last year to $22.1 billion. The company has been shutting stores and selling off assets to stem losses and repay debt.
We visited a Sears in Jersey City, New Jersey to see why the company is imploding. We were shocked by the dismal conditions on a Tuesday afternoon.
When asked for comment Sears spokesperson Howard Riefs responded with the following:
“Some areas of this particular Sears store are in seasonal transition and other areas are in the midst of project work. Nevertheless, the described images from this store are not representative of the majority of our Sears locations and do not depict what we want our members and customers to experience.”
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