This has little to do with the economy. This has to do with the fact that Sears (and K-Mart) suck. Been to one lately? I haven’t. They’ve been supplanted by Walmart, Target, Home Depot, Lowes, and Amazon.
Sometimes the old retailers just don’t hold on. See Woolworth’s and Gimbels.
I literally have not been into a K-Mart in years. I think the last time was when were were going through Raton, NM because it was the only game in town and we needed asprin and dog food.