Sears declares bankruptcy

Sears, the once-dominant retail chain that changed how Americans shopped and lived, has filed for bankruptcy. The 132-year-old company has been struggling for several years and is drowning in debt. The final straw was a $134 million debt payment due Monday that it could not afford. Sears Holdings, the parent company of Sears and Kmart, is among dozens of prominent retailers to declare bankruptcy in the era of online stores like Amazon and big box rivals, including Walmart and Home Depot. The filing in federal bankruptcy court in New York came in the early hours of Monday morning. The company issued a statement saying it intends to stay in business, keeping open stores that are profitable, along with the Sears and Kmart websites. But Sears said that it's looking for a buyer for a large number of its remaining stores, and it will close at least 142 stores near the end of this year. That's in addition to the 46 store closings already planned for next month. Company leaders are hoping he bankruptcy process will allow the company to shed debt and costs and “become a profitable and more competitive retailer.” Although retailers typically file for bankruptcy with the intention of staying in business, many end up going bust after filing. Formed in 1886 by Richard Sears, Sears was once the nation's largest retailer and its largest employer. It was both the Walmart and Amazon of its time.

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