Sears Files for Chapter 11 Protection

Sears Holdings Corp. filed for chapter 11 protection with a plan to close roughly 142 more stores. The chapter 11 filing to reorganize debts follows a decade of revenue declines, Related imagehundreds of store closures, and years of trying to turn the company around.

The company listed $6.9 billion in assets and $11.3 billion in liabilities in documents filed in the U.S Bankruptcy Court in the Southern District of New York.

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