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This morning’s announcement that Sears was filing for bankruptcy protection validated predictions retail analysts have been making for some time now that legacy retailers, saddled with mall locations and a dated reputation, ultimately could never compete with nimble, younger entities like Target and, of course, Amazon. Sears said it will close 142 of its stores, and CEO Eddie Lampert, who merged Sears and Kmart in 2005 and has been selling off real estate to keep the company afloat, will step down immediately.
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