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Bankruptcy Law Blog

Thursday, December 13, 2018

An American Icon Files For Bankruptcy

It’s the end of an era. Sears has filed for bankruptcy. For those of us of a certain age, this is nothing short of a tragedy. But like with all bankruptcies, there is a silver lining. 

Although it was based in Illinois, Sears was beloved by Alabamians and other across the South because it would deliver anything and everything right to your door. It didn’t matter who you were or where you lived, if you wanted something from the Sears catalogue, you could have it. 

And what a catalogue it was! The 125-year-old retailer was the first everything store. You could order everything from jewelry to tools and clothing to appliances. It even sold prefabricated homes for a number of years. Generations of children will remember paging through its “Wishbook” and drawing circles around the items they had their eye on. 

However, the retailer was effectively doomed by the rise of online shopping, which puts everything under the sun just a mouse click away. Instead of embracing new technologies, and expanding its empire, the company that pioneered the idea of selling anything right to your door doubled down on brick-and-mortar retail. It’s a bit ironic really. 

But out of the ashes of the once mighty company comes a chance at redemption. Bankruptcy will give it an opportunity to revamp and relaunch that it would not otherwise have. 

We are also seeing changes in the overall retail landscape in response to Sears’ decline. Malls that have vacant wings where Sears shut down are retooling and rethinking what it means to be a successful mall in the digital age. Many are adding attractions like indoor play spaces and nice restaurants to draw crowds in. Others are considering turning the space where a Sears store once sat into apartments or hotel rooms. 

Bankruptcy allows companies to be creative and chart a new path forward. And it does similar things for individuals. A Chapter 7 bankruptcy can help you wipe out your debts and start fresh. Filing under Chapter 13 may allow you to get caught up on mortgage payments and hold on to your family home instead of seeing it foreclosed. 

The path that leads to bankruptcy is often full of twists and turns and circumstances you can’t control. But the road out can be clear if you have a vision for the future an experienced attorney at your side. 

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Padgett and Robertson assist clients with Bankruptcy, Personal Bankruptcy, Consumer Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy and The New Bankruptcy Law in Mobile, Alabama and throughout southern Alabama. Alabama State Bar Association Regulations require the following: "No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers." 11 U.S.C. 528 of the U.S. Bankruptcy Code requires the following: "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”



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Alabama State Bar Association Regulations require the following: "No representation is made that the quality of the legal services to be performed is greater than the quality of legal services performed by other lawyers." 11 U.S.C. 528 of the U.S. Bankruptcy Code requires the following: "We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.”