On October 14th 2018,
Sears filed for
Chapter 11 protection and officially declared
bankruptcy.
Sears opened for business in the 1880s as
Sears, Roebuck, and Company. The once mail order giant had been struggling in recent years, trying to keep pace with online competitors such as Amazon and Walmart.
Sears merged with Kmart in 2005 in an effort to keep the chain viable. Company execs. say that they expect to close 142 of its
unprofitable stores by the end of 2018.
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