Sears’ troubles an example of the way of capitalism

With reference to the editorial from the Chicago Tribune printed on Tuesday’s Editorial Page concerning the Sears bankruptcy, I tend to disagree with the writer’s point of view.

Though I’m not insensitive to the fall of yet another giant from the ranks of American business, and particularly the future demise of the remaining 68,000-plus Sears employees, this is, after all, the way of our capitalist system of free enterprise — survival of the fittest. The competitive nature of capitalism requires that to remain successful with all the rewards to be reaped, a business must remain adaptive, innovative as well as financially invigorated, or go the way of the dinosaur.

That’s what has made America the global economic force in the world today, to the envy of all other nations. And when a business starts selling off its valuable assets to keep solvent, it’s the beginning of a downward trend that has no other end but complete insolvency. Case in point is Penn Central, the largest corporate bankruptcy in U.S. history. After having sold off every asset of significant value to remain afloat, it was left a sinking ship with no more cargo to throw overboard. The story of Sears’ downfall reminds me of a TV ad I once viewed that showed a company sign displayed on top of its headquarters building that proclaimed “We’re Number One.” The scene didn’t change, as age and weather took its toll on the sign, until the only letters left standing spelled out the words “We’re Numb.” RICHARD SCHREIBMAN

Fayetteville