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Donald Trump Just Took a Swipe at Sears After They Announced They Were Filing for Bankruptcy, and People Can't Even
That's rich.
President Donald Trump on Monday fretted over the news that Sears, once the world's largest retailer, has filed for Chapter 11 bankruptcy protection following years of slumping sales.
The president said that Sears holds a special place in the heart of his generation and that its massive downsizing is "such a shame."
"Somebody that is of my generation, Sears Roebuck was a big deal, so it's very sad to see," Trump said. "Sears has been dying for many years. It's been obviously improperly run for many years"
President Trump says "it's a shame" that Sears is declaring bankruptcy. "Somebody that is of my generation, Sears… https://t.co/IrXGg7AdV6— ABC News Politics (@ABC News Politics) 1539612201.0
For Trump to refer to a corporation as "improperly run" has some people calling foul, however, as his own business history is littered with bankruptcies (six in total) and failing to pay contractors.
@ABCPolitics What about his bankruptcies, who was responsible?— Betty Flea🇨🇦🦞 (@Betty Flea🇨🇦🦞) 1539613885.0
@thehill Trump has a lot of experience about filing for bankruptcy.— Im🍑 Now! (@Im🍑 Now!) 1539624268.0
@ABCPolitics @LocalMemphis Well if that ain’t the pot calling the kettle black.— Carolyn Torvik (@Carolyn Torvik) 1539612551.0
@ABCPolitics @ABC Yes. It’s clear that companies declaring bankruptcy are poorly run.— Robin Bardell (@Robin Bardell) 1539613688.0
@ABCPolitics I reckon he would know what causes bankruptcy— Democrat Savage (@Democrat Savage) 1539613693.0
@ABCPolitics And if anyone knows about improperly run companies....this guy is it....— Jamie Collins (@Jamie Collins) 1539614467.0
@ABCPolitics And if anyone knows about improperly run companies....this guy is it....— Jamie Collins (@Jamie Collins) 1539614467.0
@ABCPolitics @ABC Which means your businesses which declared bankruptcy were also improperly run. Thank you for fin… https://t.co/tilext9xRh— Karen (@Karen) 1539613103.0
@ABCPolitics I won’t deny that trump knows a lot about improperly running things.— Chad Sewich (@Chad Sewich) 1539612715.0
@ABCPolitics @ABC @realDonaldTrump just like Trump organisation, except they did not cheat and resort to corrupt me… https://t.co/4FCXOzrJXD— RKK6618 (@RKK6618) 1539612987.0
@ABCPolitics Improperly run like Trump Casinos, University, Steaks, WH, etc.?— Liddle' shitholer in the MOOT (@Liddle' shitholer in the MOOT) 1539613930.0
Trump didn't seem too concerned about the thousands of people who will lose their jobs.
Just a note that in the past week, Westmoreland Coal, the oldest mining company in the U.S. filed for bankruptcy.… https://t.co/coTnsIen0F— Amy Siskind 🏳️🌈 (@Amy Siskind 🏳️🌈) 1539617747.0
@ABCPolitics Man.. Kicking them while they are down.. He's so callous to all those about to lose their jobs.— Qgirl (@Qgirl) 1539613148.0
If Sears were a mine or a factory, Trump would frantically yell about saving their jobs (he wouldn't actually do an… https://t.co/Kb6gIWw2H5— Blue Shell the 1% (@Blue Shell the 1%) 1539614758.0
The country is pushing trillion-dollar deficits, which has many nervous about our economic future.
Just a note that in the past week, Westmoreland Coal, the oldest mining company in the U.S. filed for bankruptcy.… https://t.co/coTnsIen0F— Amy Siskind 🏳️🌈 (@Amy Siskind 🏳️🌈) 1539617747.0
@Amy_Siskind Anyone with any knowledge of basic economics knew that trumps policies would come back to haunt the co… https://t.co/ZMuDFwe8nP— Oh the good ol days (@Oh the good ol days) 1539622021.0
Read a news article that Trump blasted Sears for filing bankruptcy. Well hey jerk, you filed bankruptcy 4 times an… https://t.co/62E7s0WLFi— nonnie917 (@nonnie917) 1539626624.0
@FoxBusiness @POTUS @Sears It is a shame. It's a shame a former Sears Holdings director is Trump's Treasury Secretary.— (((Chrisa Hickey))) (@(((Chrisa Hickey)))) 1539626199.0
@Amy_Siskind With a THUD! Ford laying off tens of thousands. We here in Michigan are almost always FILO.— AddieBee (@AddieBee) 1539623038.0
@Amy_Siskind Let’s be generous: THE GOP RECESSION. Credit where due is always important.— Saje (@Saje) 1539620580.0
@Amy_Siskind It'll be the biggest, the best recession you'll ever see. He promises.— a Page in your life...⛵️🇨🇦♥️ (@a Page in your life...⛵️🇨🇦♥️) 1539622678.0
@Amy_Siskind New houses are down, prices are up due to tariffs but sub prime loans are back! I see another bubble.— Rocky820 (@Rocky820) 1539628119.0
@Amy_Siskind And how does he expect nobody to notice this bankruptcy, of an entire country?— Carole Simpson (@Carole Simpson) 1539623337.0
Trump also said that retail locations left vacant by Sears and KMart present an opportunity for other businesses to move in and create jobs.
"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," Trump added. "It will be a lot of jobs."
The 126-year-old Sears Holding Company announced on Monday that it will be closing 142 Sears and KMart stores across the United States by the end of 2018. The company was unable to make a $134 million loan payment due Monday and is seeking relief from its massive $5.5 billion debt.
As part of its reorganization, Sears CEO Eddie Lampert will step down effective Monday.
"The Chapter 11 process will give Holdings the flexibility to strengthen its balance sheet, enabling the Company to accelerate its strategic transformation, continue right-sizing its operating model, and return to profitability," the now-former boss said in a statement. "Our goal is to achieve a comprehensive restructuring as efficiently as possible, working closely with our creditors and other debtholders, and be better positioned to execute on our strategy and key priorities."
Lampert promised customers a worthwhile shopping experience for the holiday season.
"As we look toward the holiday season, Sears and Kmart stores remain open for business and our dedicated associates look forward to serving our members and customers. We thank our vendors for their continuing support through the upcoming season and beyond. We also thank our associates for their hard work and commitment to providing millions of Americans with value and convenience."
In a nutshell: Chapter 11 forgives certain debts and restructures others while allowing businesses to continue operating.