The Street
  • 11 months ago
TheStreet’s J.D. Durkin brings you the biggest news of the day, including how the market fared and Sears closing the doors of yet another store.

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Transcript
00:00 I'm JD Durkin reporting from the New York Stock Exchange.
00:03 Stocks were mixed to close out today's session.
00:05 The Dow closed just 15 points higher.
00:08 The Nasdaq closed fractionally higher while the S&P 500 closed fractionally lower.
00:13 Markets are digesting hotter than expected inflation data.
00:16 Consumer prices rose 0.3% for the month of December, reflecting a 3.4% jump since last
00:22 year.
00:23 Investors are looking ahead to the start of fourth quarter earnings season, kicking off
00:26 Friday with the big banks.
00:29 In other news, Sears is shutting down its last remaining store in the New York metro
00:32 area.
00:34 The retailer is officially closing the doors of its Jersey City location, which has been
00:37 open since 1987.
00:40 At its peak, Sears, along with its sibling brand Kmart, had around 3,500 locations across
00:46 the country and employed more than 300,000 people.
00:50 After the Jersey City store officially closes, there will be just about a dozen locations
00:56 only remaining in the United States.
00:59 After being purchased for $11 billion in 2005, sales at Sears slowed due to aging stores,
01:06 being slow to pivot to e-commerce, and competition from other big box retailers, as well as the
01:11 emergence of Amazon.
01:13 By the year 2018, the company was forced to file for bankruptcy.
01:17 The 138-year-old retailer exited bankruptcy with 425 Sears and Kmart locations, but now
01:24 98% of those stores no longer exist.
01:28 That'll do it for your daily briefing.
01:30 From the floor of the New York Stock Exchange, I'm JD Durkin with The Street.
01:33 -

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