Sears Files For Chapter 11 Bankruptcy Protection
The action marks the end of an era
Sears Holdings, whose presence permeated American life for generations, filed for Chapter 11 bankruptcy protection early Monday in a last-ditch attempt to avoid entombment in the graveyard of once-great retailers that failed to adapt to the digital age.
For Sears — which was the largest retailer in the nation before the rise of Walmart and, later, Amazon — bankruptcy marks the culmination of years of decline defined by store closures, sales declines, cost cuts and borrowing.
The company, which also owns discount retailer Kmart, has fallen into disrepair amid a perilous retail landscape in which customers increasingly shop online or seek out more-appealing alternatives.
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