Trump rips Sears leadership over bankruptcy: 'It's a shame'
Once an American icon -- now a disgrace.
President Trump on Monday slammed Sears leadership over its demise.
“Sears has been dying for many years,” Trump said to reporters outside of the White House. “It’s been obviously improperly run for many years and it’s a shame.”
Sears filed for Chapter 11 bankruptcy early Monday morning following years of losses and mounting debt.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SHLD | GLOBAL X FDS DEFENSE TECH ETF USD | 39.41 | +0.23 | +0.59% |
The company said it will close 142 stores -- both Sears and Kmart stores -- by the end of the year and that its CEO Eddie Lampert will step down but remain chairman.
Trump said when he was growing up Sears Roebuck was a “big deal and it’s very sad what happened.”
This isn’t the first time that Trump has openly voiced his opinion on a retailer. Last April, he scorned e-commerce giant Amazon – via Twitter, accusing it of taking advantage of the Post Office and putting retailers out of business.