Closing down: A store closing sale sign is posted next to a Sears logo in New Hyde Park, New York. Sears Holdings Corp has filed for Chapter 11 bankruptcy with a plan to close 142 more stores. — Reuters
CHICAGO: Sears Holdings Corp has filed for Chapter 11 bankruptcy with a plan to close 142 more stores, throwing into doubt the future of the century-old retailer that once dominated US malls but has withered in the age of internet shopping.
The Chapter 11 filing to reorganize debts of the parent of Sears, Roebuck and Co and Kmart Corp follows a decade of revenue declines, hundreds of store closures, and years of deals by bilaire Chief Executive Officer Eddie Lampert in an attempt to turn around the company he bought in 2004.
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