Sears Holdings the giant U.S. retailer filed for Chapter 11 bankruptcy protection on Monday.
Sears employs nearly 90,000 people in US and is known to have more than 3,000 stores. They are currently selling out their properties and their 142 unprofitable stores in order to clear debts racking up to more than $5bn, they had already announced that by November this year 46 of those stores will be closed. The store faced tons of competition from Walmart in 1980s and later from online retailers such as Amazon and eBay. Sears ultimately filed for bankruptcy on Monday as it couldn’t meet the $134m repayment due on Monday and Chapter 11 protection postpones a US company’s obligations to its creditors, giving it time to reorganise its debts or sell parts of the business.