US Retailer Sears Files For Bankruptcy

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Added On October 17, 2018

U.S. retailer Sears filed for bankruptcy protection on Monday and reportedly plans to close 142 stores by the end of the year.
 
The move casts doubt on the future of retail chains in America, amid fierce competition with online shopping platforms.
 
The 125-year-old U.S. retailer, once the nation's largest, said liquidation sales at 142 stores will take place in the near future. The company also plans to close 46 unprofitable stores next month. 
 
The Chairman of Sears Holdings said the company tried but failed to transform its business and unlock the value of its assets before filing for Chapter 11 relief in the U.S. Bankruptcy Court for the Southern District of New York.
 
Sears is just one of many big U.S. retailers that have been forced to close stores this year, after years of slowing sales, increased layoffs and fierce competition from online shopping platforms.