Sears to Close 100+ Stores, Lay Off 5,500

The downward spiral for one of the country's most recognizable retail companies has been in motion for years. Declining store traffic and a lack of innovation online have contributed to quarter-after-quarter of sales losses. Perhaps even more troubling for Sears is that it's not capturing new customers (i.e., millennials), while its core customer is increasingly opting to shop at Wal-Mart and Target, lured away by well-stocked shelves and properly maintained stores.