Former market-leading chain, which owns Kmart, to close 142 more stores this year
Sears, the 125-year-old US department store chain that was once the biggest retailer in the world, has filed for bankruptcy after years of losses and mounting competition from online rivals such as Amazon.
The company, which owns the discount chain Kmart, has filed for chapter 11 bankruptcy in New York as it struggles with a debt burden of $5.6bn (£4.3bn) and was unable to make a $134m repayment due on Monday. The move will give Sears time to reorganise its debts and allow it to keep most of its stores open through the holidays, in a bid to avoid outright liquidation.
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