Sears aside because it was deliberately plundered & gutted from the inside, businesses die because they continue doing what they know how to do --what was successful and kept them alive in the past. There's also the burden of keeping those pesky, yammering stockholders happy. It's a lack of vision, yes, but that's not all that's baked into their decline. See GE.
I've mentioned it here before but I was really, really impressed with Gates when he pivoted MS when Netscape showed the -then- bleeding edge of the internet. It doesn't happen often.