Trump Says Sears Bankruptcy Is a ‘Very, Very Sad’ Moment

(Bloomberg) -- President Donald Trump said the bankruptcy of Sears Holdings Corp. was a “very, very sad” moment, especially for his generation.

The 125-year-old retailer, an icon for generations of American shoppers, filed for Chapter 11 bankruptcy protection early Monday morning, saddled with billions of dollars of debt as it struggled to adjust to the rapid shift toward online commerce.

“It’s a shame,” the 72-year-old president told reporters Monday morning as he departed the White House on his way to inspect damage in Florida and Georgia from Hurricane Michael. “Sears Roebuck when I was growing up was the big deal.”

Trump said the company “has been dying for many years” and “it’s been obviously improperly run for many years.” But he said he “would imagine” some of the retail chains’ “great sites will be put to good use.”

©2018 Bloomberg L.P.