ThisisBigBrother.com - UK TV Forums - US retailer Sears files for bankruptcy

A famous American retailer.

Quote:

US retailer Sears, a brand that once dominated shopping malls in the country, has filed for bankruptcy.

Sears Holdings - which also owns Kmart - filed for Chapter 11 bankruptcy protection on Monday.

The company has suffered, along with many other traditional retailers, from rising online competition from firms such as Amazon.

Sears has been closing stores and selling properties as it grapples with a debt load of more than $5bn.

The company has 90,000 employees and in its heyday owned over three thousand stores.

It became America's largest retailer before being overtaken by Walmart in the 1980s.

The firm filed for bankruptcy petition after it reportedly could not meet a $134m repayment that was due on Monday.

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.....

From https://www.bbc.co.uk/news/business-45859722