Sears Has Filed for Chapter 11 Bankruptcy Protection
Sears has filed for Chapter 11 bankruptcy protection. Sears once dominated the American retail landscape. But the big question is whether Sears can be viable or will it be forced to go out of business?
The company, which started out as a mail order catalog in the 1880s, has been on a slow march toward extinction as it lagged far behind its peers and has incurred massive losses over the years.
Holdings will also close 142 unprofitable stores near the end of the year. Liquidation sales at these stores are expected to begin shortly.
The company has racked up $6.26 billion in losses, excluding one-time events, since its last annual profit in 2010. WILX-TV 10 has more.