Oct 15, 2018
US retailer Sears files for bankruptcy
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. 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. Chapter 11 bankruptcy protection postpones a US company's obligations to its creditors, giving it time to reorganise its debts or sell parts of the business. Neil Saunders, managing director of GlobalData Retail, said Sears' troubles stretched back to the 1980s when it became "Too diversified and lost the deftness that had once made it the world's largest and most innovative retailer".
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