President Trump has spoken out about the demise of long-time department store giant Sears, which announced on Monday morning that the company would close 142 of their remaining stores this year, according to Business Insider.
“Sears has been dying for many years,” Trump told reporters on Monday morning. “It’s been obviously improperly run for many years. And it’s a shame.”
Along with their announcement to close the stores, the company also officially declared bankruptcy this morning. CEO Eddie Lampert announced that he would step down, but would remain as the companies chairman.
President Trump, 72-years-old, told reporters that he felt that his generation would be hit the hardest by Sears folding, due to the history of the company. After all, Sears was once the largest retailer in the world.
“Sears Roebuck, when I was growing up, was the big deal,” Trump quipped to members of the media. “And, it’s sad what happened, very very sad.”
The president did find a silver lining when it came to the closings, however. He told reporters that he felt that some of the soon-to-be-vacant Sears buildings would make “great sites” for businesses to “put to good use.”
According to Business Insider, the most likely candidates to fill those spots are gyms, grocery stores, movie theaters, or off-price chains like Burlington Coat Factory.
With the most recent round of store closures, CNBC reported that there are only about 700 Sears locations left in business across the country.
CNBC also provided an interactive map for those looking to see which locations will be remaining open for the holiday season.
Sears has filed for bankruptcy after being unable to pay its debts. https://t.co/XeINyNXtid
— Twitter Moments (@TwitterMoments) October 15, 2018
The president might be one of the best subjects to speak on the Sears closing, due to his personal expertise on the matter of companies going into bankruptcy.
According to the Washington Post, the president’s companies have filed for Chapter 11 bankruptcy multiple times.
Trump’s Taj Mahal casino in Atlantic City lasted just six months before the company “defaulted on interest payments to bondholders as his finances went into a tailspin,” later filing for bankruptcy in July 1991.
Trump also had to declare bankruptcy for two other Atlantic City casinos in 1992 — along with the Plaza Hotel in New York the same year — for amassed debt.
Trump Hotels and Casino Resorts filed for bankruptcy once again in 2004, after racking up nearly $1.8 billion in debt. Trump Entertainment Resorts declared bankruptcy in 2009, according to PolitiFact.
That adds up to a grand total of six bankruptcies.
However, the president told the Washington Post that he counted the first three bankruptcies as just one.