that is the merger between kmart and sears roebuck. was never a strategy that would have been viable the way lampert chose to run the business from day one. this is an outcome that just had to happen and the notion there's been some turnaround or transformation in place is just plain bogus. >> jerry, when you look at the lessons from this, is it mostly about leverage or is it about overall missing online and mobile they didn't have the money, they didn't have the capital to invest isn't that what this comes down to >> i think it's broader than that you have to be good at something to win in business, have a place where you have a sustainable competitive value. you see that with a tjmaxx or dollar general or walmart. best buy is doing spectacularly well being good on the internet is table stakes everybody needs to be good on the internet that's the future of the world but, first, you have to have a distinctive position you're better than other people at something that really matters to the customer and that has not been true for a very

somebody that is of my generation, sears roebuck was a big deal. it's very sad to see.say, with that -- with that being said, i would imagine some of those great sites that sears has, they really have some great sites, will be put to good use. it will be a lot of jobs. sears has been dying for many years. it's been obviously improperly run for many years. it's a shame. i'm not taking anything -- no, we're going to try to find out. i'm just explaining -- no, no, look. i'm just explaining very easily i think what was told to me a half an hour ago. and the denial was not only a denial, it was a very firm denial. so we will check it all out. we'll get to the bottom of it, okay? no, north korea's coming along very well. ri relationships are very good. a lot of good things will happen. it's complicated. we've done things in three or four months that nobody's done in 70 years, but i think north korea's coming along very well. thank you. i'll see you in florida. thank you. >> short time ago, the president on his way to florida, on the south lawn. he has been very busy over the

sears roebuck was a big deal so it's very sad to see.id: they announced plans to close another 200 plants in kmart insulations. it fell behind big box rivals like walmart, home depot and amazon. is this new evidence of a retail i.c.e. age? we have a producer here whose first house was a sears prefab house. they had everything. >> i grew up wishing for christmas on a sears roebuck catalog. you did have more retail stores close in the 2008 financial crisis. they didn't evolve. >> there was one word and john is at the crux of it. hubris. you had eddie lambert come in who was a hedge fund manager. i know retail like the back of my hand. when i worked for ibm i consulted with retailers. retailing is a very difficult business. to think you can come in, eddie lambert no retail background and financially move things around. they needed to get a smart, expert retailer that knew the company and knew the merchandise, and they didn't. they bought kmart. they could have been as successful as a tj maxx or a walmart and target. but they dropped the bal

sears roebuck when i was growing up was a big deal. it's very, very sad.you look at that whole filing they did last night, to me, is very sad. somebody of my generation, sears roebuck was a big deal. very sad to see. and i will say with that being said, i would imagine some of those great sites that sears has, they have great sites, will be put to good use. sears has been dying for many years. it's been, obviously, improperly run for many years and it's a shame. [ inaudible question ] >> i'm not taking it off the table. no. we're going to try to find out. i'm just explaining -- no, no. look, i'm just explaining very easi easily, i think, what was told to me half an hour ago. and the denial was not only a denial, it was a very firm denial. so we will check it all out and get to the bottom of it. okay? [ inaudible question ] >> north korea is coming along very well. relationships are very good. i think a lot of good things will happen. it's complicated. you know, we've done things in three or four months that nobody has done in 70 years. but i think north ko

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sears roebuck, would be richard sears, slvaoebuck. even the president weighing in on the end of sears. >> very, very sad what happened. when you look at that whole filing that they did last night, to me it is very sad. somebody that is of my generation, sears roebuck was a big deal. so it is very sad to see. reporter: the president also said he thought sears had been mismanaged. it is worth noting until 2016 when he stepped down to become secretary of the treasury, steve mnuchin was on the sears board. big losses for sears. last year they were profitable for the year was 2008. q2, 2018, they made $65 million. this year q2, they lost half a billion dollars. what is up next for sears? new ceo. eddie lampert stepping down as the ceo. they're closing 142 more stores. the ppgc, the pep shun benefit guarranty corporation, will take over some of the pensions. unclear how big of a hit that will be. they have secured on the positive side almost $2 billion in funding to take them through christmas. if you want to save sears, maybe go out and bu

somebody that is of my generation, sears roebuck was a big deal.es: it is indeed the end of an era. sears files for chapter 11 bankruptcy protection today in a last-ditch effort to stay alive. the iconic brand which started back in the late 1880s selling watches, has faced staggering losses and massive debt. on the same day we got mixed result on sales. internet was huge and some lagging sectors made impressive rebounds. i want to bring back adam johnson, paul detrick, art art art hogan. adam, part of this report, the control group, they said it would be stronger for gdp numbers. it was a mixed report. >> it was a great report, charles. fine, if you look at the headline, down .1 of a percent that is not what you want to watch. the control group basically excludes building products, gasoline, certain types of food. in other words, it, i'm so excited i can't talk about it. it resembles what gdp looks like. the fact that is up .5 of a percent is huge, charles. i remember talking about gdp going into the four handle and now we're in the third quarter,

. >> sears roebuck, when i was growing up, was the big deal, amend it's very sad what happened very,y sad when you look at that whole filing that they did last night, to me it's very sad. somebody that is of my generation, sears roebuck was a big deal so it's very sad to see. >> reporter: some of the trouble came when sears and kmart merged in 2005 and the financial crisis hit but sears didn't invest in stores or e-commerce shares have lost all of their value which equates to $14 bill crop in market cap there are 3,361 fewer steve forbes now than at the 2011 peak and 307,000 fewer employees than in 1980, but 68,000 jobs are still at risk today. still, famed investor carl icahn wonders if the bonds have any value. >> obviously there's a lot of problems there, and, you know, now it's in bankruptcy, and it may be some of the bonds will be interesting. we're taking a look at some of them. >> reporter: sears bankruptcy could actually be a positive one ceo said it's been very difficult to lease around sears for years, and he said one example of a redeveloped sears in its shopping centers i

somebody that is of my generation sears roebuck was a big deal. it is sad at that see. president is right on that, it is sad to see. iconic name and brand for a while when it came to the sears book itself was second only to the bible most popular book on the planet. jeff flock is outside one of the original sears tower with more. hey, jeff. reporter: indeed, printed right here, neil. this was the old administration building at sears. look, that is the original sears tower. 14 stories tall which was pretty big deal back in the day. the president went on to say there the company has been mismanaged for a long time. and for the last 13 years, that would fall to, eddie lampert, the fellow who some people thought was the next warren buffett at one time. i don't think he is the next richard sears and alvaroebuck. he stepped down as ceo. i quote him now. for several years we worked harm to transform our business and unlock the value of our assets, while we made progress the plan has yet to deliver the results we desired. that is putting it mildly. 10 years ago, q2, profit from

sears roebuck and koh was founded 125 years ago, and at one point had stores in almost every big more to mail—order homes. but a firm which also owns kmart has been losing money for years. it now owes more than $5 billion and has until monday to pay $134 million on its debt. the chapter 11 filing is expected ahead of that deadline. it is possible the company could try and fight its way back after that, but it would likely be an uphill struggle. and so it looks like the writing is on the wall for what was once an american retail giant. police in nepal have broken a major smuggling ring trading in baby chimpanzees, stolen from their mothers in the wild in nigeria then flown thousands of miles to kathmandu. stealing a baby chimp usually involves the poachers killing most adults in its family. police say they were responding to a bbc news report which revealed the extent of the illegal trade. a global conference opens in london tomorrow aimed at tackling the problem. our science editor david shukman reports from kathmandu. a baby chimpanzee clings to the hand of a keeper. at this age, it

sears roebuck and co was founded 125 years ago, and at one point had stores in almost every big mallhes to car parts to mail—order homes. but the firm, which also owns kmart, has been losing money for years. it now owes more than $5 billion, and has until monday to pay $134 million on its debt. the chapter 11 filing is expected ahead of that deadline. it is possible the company could try and fight its way back after that, but it would likely be an uphill struggle, and so it looks like the writing is on the wall for what was once an american retail giant. the cuban president, miguel diaz—canel, has sent his first message on twitter. in it he celebrated the 150th anniversary of the start of cuba's fight for independence from spain. he tweeted, "we are in la demajagua", the place with the greatest amount of patriotic feeling — a reference to where the revolution began. a reminder of our top story: hurricane michael, the most powerful storm in decades to hit the south—east of the us has made landfall in florida, packing wind speeds of up to 200 km/h. so far one death has been reported, a

as long as we are back where we are i'm not afraid of the rise of the elites sears roebuck was the amazon of the day it rises and falls. . >> it is a good point about the elite. and that has changed everything. and in very limited ways to participate. and those to be dominated for 2h century and then as a voice for inspiration and with those liberal forces to invent the free world. so with this technological progress could be seen and to realize to promote the agenda. but it is about potential millions of people and i think eventually within the right framework of engaging into the debate and then turned to the side. . >> thank you for a stimulating conversation. thank you. [inaudible conversations] . >> that narrative it was not accurate those on the front lines many young black folks and women on the "frontline" of the uprising but celebrity activist talking and all kinds of foolishness but the comments from here during the uprising we drove around and they had things in their hands they had diapers and toilet paper and kinds of things like that but the story was about looting, vandalis

sears and roebuck, the famous catalog selling tools and appliances. the craftsman brand is legendary. sears merged with kmart a decade ago. but it didn't resurrect the business. >> i think in the end, it's about relevance, and there's so many other places people can shop, for so many other things that sears and kmart carry, that this has just been the literal dripping away of what were iconic properties. >> reporter: on the chopping block now, stores in santa rosa and >> online amazon, killer of all brick and mortar stores, you know, just like what's that store, the kid's store that just went down. >> toys r us. >> now sears. i had no idea until today. >> how does sears seem? >> a lot of things are on sale and 40% off and it's starting to become a little empty, too. >> reporter: sears says their auto center also remain open and sears home services is operating as usual. sears says they are currently honoring warrantees. online experts say now is the time to shop for discounts and use up any gift cards. i'm leslie brinkley, "abc7 news." >>> for a comple

sears and roebuck, the famous catalog selling tools and appliances. e business. >> i think in the end, it's about relevance, and there's so many other places people can shop, for so many other things that sears and kmart carry, that this has just been the literal dripping away of what were iconic properties. >> reporter: on the chopping block now, stores in santa rosa and >> online amazon, killer of all brick and mortar stores, you know, just like what's that store, the kid's store that just went down. >> toys r us. >> now sears. i had no idea until today. >> how does sears seem? >> a lot of things are on sale and 40% off and it's starting to become a little empty, too. >> reporter: sears says their auto center also remain open and sears home services is operating as usual. sears says they are currently honoring warrantees. online experts say now is the time to shop for discounts and use up any gift cards. i'm leslie brinkley, "abc7 news." >>> for a complete list of sears and kmart store closures, go to abc7news.com. >>> a woman is out of a job tonight

. >> sears roebuck, when i was growing up, was the big deal. it's very sad what happened. hannon: sears holdings which also operates kmart will close in about 140 stores near the end of the year. this is a fox news alert. another possible high-profile test of president trump's immigration policy is coming. a large group of people from honduras is currently making its way north with the intention of coming to america, whether legally or not. here's corresponded william la jeunesse with more from our west coast bureau. >> a caravan of more than 1,000 hundreds heads to the u.s. border as the administration calls it -- considers a new policy called binary choice. families caught entered illegally can stay locked up indefinitely as the court continues their claim or surrender a child to a relative or government shelter. >> president trump: numbers in d last week as it blew through honduras. across the guatemala border, then mexico. before heading to texas or arizona to claim asylum. >> translator: there are no jobs. there is nothing here, and our kids, even the little ones are s

somebody that is of my generation, sears roebuck was a big deal. so it's very sad to see. ill say, with that being said, i would imagine some of those great sites that sears have, they really have some great sites, will be put to good use. there'll be a lot of great jobs. sears has been dying for many years. it's been obviously improperly run for many years and it's a shame. >> let's go to richard quest, cnn's business editor at large. so my camera guy was reminding me of all of those thick sears catalog. you would go and pick your christmas present out. >> go back long enough. >> is this emblematic of out with the old, in with the new? >> yes. it is both that. it is also a shame, as the president said. look, i first came to the united states, 1983, '84. and i remember, i was a student and i was kiting out my dorm room and you went to sears. and the catalog and all of that. but the reality is, as the president says, this company -- i don't know whether we say it's mismanaged or malmanaged. certainly, it failed to understand that there was a mega-shift underway. and all the

somebody that's of my generatio generation, sears roebuck was a big deal. of its day, the amazon of its day. in more recent times, take a look at the losses, the numbers. last profitable year, 2008. they made $625 million in the second quarter of that year. this year, they lost half a billion. what's ahead for the company? they're going to get a new ceo. eddie lampert, billed as the savior of sears when he took it over into thousand five, stepping down. unfortunately they have pensions that are underfunded. that means we, the taxpayers, they pensions benefit guarantee corporation will need to pick up the slack on that one. i leave you with perhaps the stock. sears was a member of the dow. neil, perhaps you remember, less than 20 years ago. in 1999, they were still a member of the dow. amazon, 77% up in the last year. sears, the loss will be 100% when we are done. >> neil: it's amazing when you think about iconic names in the past year, like sears and toys 'r' us. i just tells you something about when you're on top of the world, stay humble, you know? >> we

it's first store in chicago in 1897 and is perhaps best known for the sears roebuck catelog where at one point in the early 1900's you could even order a house. while sears still operates approximately 800 stores across the country they have closed more than 400 locations in the past year. and today one of their large shareholders has dropped a large chunk of his stock. the company also added a new director this week who is familiar with bankruptcies and restructuring. reports are also circulating that the company is talking to advisers and banks in preparation for a bankruptcy filing. i was able to talk with some sears customers out here in san bruno about the store one who says she has been shopping at the store for about 19 years. beatrix baron says: "i usually shop for um.. electronics and appliances. that would be bad. sears has really good deals. that's kinda unfortunate. " (sanaz) the parent company of sears and kmart, has until october 15th to pay 134 million dollars worth of debt. if sears does file for bankruptcy, it could try to stay in business, using the court process to

. >> it's very sad somebody of my generation, sears roebuck was a big deal it's very sad to see >> bign america. courtney reagan has more. >> after 126 years from its founding sears files for chapter 11 bankruptcy. ceo eddie lampert has been funding operations through a number of complicated financial engineering maneuvers for years but today's debt payment was finally too much to cover. three weeks ago sears filed with the s.e.c. a way to lower its $5.6 billion in debt to $1.24 billion which then it lowered the interest payments. it would do it by selling off assets by like mort like kenmor converting debt to equity, that obviously doesn't work eddie lampert is standing down as ceo, he will remain as chairman his hedge funds owns 19% of sears so he and his fund together are the largest equity and debt holders the bankruptcy is for reorganization there are many retail restructuring to be done. sears holdings hasn't made money in seven years so shoppers have been complaining of deteriorating sears and kmart stores with often empty shelves and racks for quite a while. and the fall of 200

sears and roebuck, the famous catalog selling tools and appliances. away of what were iconic properties. >> reporter: on the chopping block now, stores in santa rosa and >> online amazon, killer of all brick and mortar stores, you know, just like what's that store, the kid's store that just went down. >> toys r

david: we have gone from sears and roebuck. that is amazing. zook, kazr investments.s so much for being with us . coming up, rolls-royce goes off-road. we take a look at the 900 -- at -- four will drive suv four-wheel-drive suv. this is bloomberg. ♪ taylor: hewlett-packard and the price greenroom, morgan stanley chief u.s. equity strategist. and return to pursuits. we take a look at all things luxury that i will never buy. alps.hat hitting the they hope to attract new customers at a brand-new resort. one business will take you to uncharted territory. rolls-royce goes off-road. it unveils its first ever suv costing more than $300,000. .ishing for your supper this new york restaurant allows you to get a line into its fish tank. unreal. bitcoin joining us now is christopher zook. great stories -- david: joining us now is christopher zook. despite the name, not going to the alps. chris: we did this key package and we said the headline was go skiing at club med. people don't realize that this thing they think of as a beach also has 24 options for skiing in europe and it is

sears and a. roebuck began it all as a mail order business in the late 1800s to sell watches.ears catalog quickly expanded into other products,ng brino rural america items once only available in big cities. the holiday "wish book," hundreds of pages thick, fueled christmas dreams for children. and adults ali the first store open1925. as americans moved to the suburbs after arrld war ii, moved with them, becoming a presence in shopping malls across the landscape. but as buying habits shifted to online shopping and e-commerce giants like amazon, sears began to slip. under billionaire c.e.o. edward lampert, it struggled th years of losses and the closure of hundreds of stores fore today's bankruptcy filing with $5.6 billion of debt. we explore sears' storied history and decline now with jerry hancock, a historian and high school history teacher who has written extensively on sears and its impact on american life. he joins us from atlanta. jerry hancock, thank you so much for joining us. given the changes in retail in america and the culture of america, was tod's bankruptcy filing

tom: remember this sears and roebuck catalog. in the sears catalog a million years ago. that was totally out of reach. one.t: i have i had a band and that is what i played. tom: it was the cool guitar to have. sears crushed on a competition basis people are be no competition? to besaid there's going so few survivors along the way. is that where we are at? jack: if you look at what happened to kmart and sears, i was running home depot at the time when eddie lampert picked up kmart. i was concerned because they would be able to move the appliance business. to 10% from 2% to 3% market share with appliances by increasing floor space. they had a convoluted system. one had incentives. tom: they had complexity. jack: they do not bring simple vacations and get involved day-to-day in the operations of sears. francine: we were talking about conglomerates and if we look at business cases, a lot of them don't think they were compared are the shareholders concerned and do they understand conglomerates? if things are too complicated, do you los