Sears is sinking and the previously dominant retail chain has filed for bankruptcy.

The company, which has been around for 132 years, has suffered with financial issues over the past few years and has accumulated major debts. They were unable to pay a $134 million debt payment which was due Oct. 15.

President Donald Trump remembers when Sears was the biggest retailer around.

“It’s a shame,” said President Trump. “So Sears Roebuck, when I was growing up it was a big deal. And it’s very sad what happened– very, very sad. When you look at that whole filing that they did last night, for me is very sad. Somebody that is of my generation, Sears Roebuck was a big deal.”

Sears is not the only struggling major retailer. Dozens of other traditional retailers like Toys-R-Us have either filed bankruptcy, shut down or restructured due to fierce competition from online retailers such as Amazon.

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