Sears files for Chapter 11


Sears files for Chapter 11

Sears is set to close 142 of its US stores as part of its efforts to return to solvency. The department store chain has been in business since 1880 and is one of a number of mass market general retailers struggling to stay in business. It will continue to trade its Sears and Kmart stores over the imminent peak season.  It posted sales of US $16.7 billion for its most recently filed fiscal year.

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