BRYAN, Tex. (KBTX) -- Longtime American staple Sears has announced huge financial problems and an uncertain future.
The company is reporting more than $2 billion in losses last year and more than $4 billion in debt.
This is becoming a trend for big department stores as Macy's and JCPenney are also struggling to keep up against a changing retail tide and the convenience of online shopping.
A retail expert from Texas A&M Mays Business School explains how these problems with "anchor" stores could affect malls like Post Oak Mall in College Station.
"Anchors are there for a reason--to drive traffic to the other stores," said Kelli Hollinger, director of the Center for Retailing Studies. "They pay far lower in rent because up to 70 percent of people who visit an anchor will then visit the other stores. There's definitely going to be a domino effect."
Hollinger joined First News at Four to discuss Sears' issues. See the video player above for her full comments.
Sears is planning to close 150 stores in the first quarter of the year as part of a recovery plan. No word yet if the location at Post Oak Mall will be one of them.