Sears, the iconic American retailer, filed for Chapter 11 bankruptcy on Monday. Many analysts are treating Sears' fall as a cautionary tale about imprudent borrowing and failures to adapt — particularly in the face of e-commerce and rivals like Amazon. There is obviously a lot of truth in this. But there's another piece of the narrative that deserves just as much attention: how Sears was stripped for parts by a Wall Street hedge fund. If you track the long-term course of Sears' revenue and stock price, the problems didn't just set in with the arrival of Walmart and the big-box stores, or with Amazon and the rise of the internet economy.
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