Things haven’t been going Mitt Romney’s way since 2012. After letting down the Republican Party by losing to Barack Obama, even his private businesses have been feeling the pain.
During his failed campaign for president, he cited his success as a businessman. He claimed the successes, like that of retail Sports Authority, was a sign of his competency to run the country.
But now it looks like he was a bit premature to declare the company a success.
The company that was routinely touted as a huge success by failed 2012 GOP presidential nominee Mitt Romney is now selling all of its assets and closing all of its stores by August.
In 2012, Romney regularly cited Sports Authority as an example of his business acumen. In his race against President Barack Obama, Romney portrayed himself as a “turn-around artist” by citing Sports Authority and office-supply retailer Staples as companies he had “saved” during his time at Bain Capital.
“But how!?” you may ask. “How could the company of such a brilliant business man fail so spectacularly?” It appears that Mr. Romney–nor Sports Authority–was aware of the Internet.
The company grew… to nine stores by 1990, and expanded to employ almost 14,000 employees in 1998. Since then, it has declined amid competition from other sports stores and from online competition. Romney left Bain Capital in 1999.
Ouch. Romney left just on the eve of Sport’s Authority demise. The store couldn’t compete with retail giants like Amazon. That’s just the free market at work, baby. But I find it telling that Romney left as the company started to fail and then went on to cite it as a reason we should’ve elected him.