Sears Files for Chapter 11 Bankruptcy

Former Sears Tower in Chicago

(From Reuters)

Sears Holdings Corp filed for Chapter 11 bankruptcy on Monday with a plan to close 142 more stores, throwing into doubt the future of the century-old retailer that once dominated U.S. malls but has withered in the age of internet shopping. . . .

Sears said it will sell assets and begin closing 142 unprofitable stores by year-end with the aim of reorganizing around a smaller platform of around 700 of its best stores.

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