Sears files for bankruptcy protection

Photo Supplied - ("[Sears]" by [Mike Mozart], [Creative Commons])

NEW YORK (AP): Sears is filing for Chapter 11 bankruptcy protection.

The company, inundated by debt and falling sales, said Monday that it would begin liquidation sales and close another 142 stores before the end of the year.

The Fort Wayne location had already been named in a prior wave of closings.

The company that dominated the American retail landscape in the 20th century joins a long list of stores ravaged by changing technology and shopping patterns.

Some stores have pulled out of bankruptcy court and found some stability, but the future of other longstanding retail institutions – like Toys R Us, which recently announced plans to return to retail as “Geoffrey’s Toy Box” – is more doubtful.

Electrolux hopes to continue selling its appliances at Sears, saying the company has actively planned for the bankruptcy and other contingencies at the same time that it seeks other outlets that can sell its goods.

The company gets about 10 percent of its revenue through sales of its products at Sears.

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