President Donald Trump said the bankruptcy of Sears Holdings Corp. was a “very, very sad” moment and “a big deal” for his generation.

The 125-year-old retailer, an icon for generations of American shoppers, filed for Chapter 11 bankruptcy protection early Monday morning, saddled with billions of dollars of debt as it struggled to adjust to the rapid shift toward online commerce.

“Sears Roebuck when I was growing up was a big deal,” the 72-year-old president told reporters Monday morning as he departed the White House on his way to inspect damage in Florida from Hurricane Michael.

Trump said the company was “obviously improperly run for many years.” But he said he “would imagine” some of the retail chains’ “great sites” would be “put to good use.”