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Sears files for Chapter 11 bankruptcy

Sears files for Chapter 11 bankruptcy

The president lamented the status of the once prominent Sears, remembering the store's golden days, and he criticized its leadership for the situation.

Sears Holding Corp.is expected to file for bankruptcy protection, several wire service reports have indicated.

"It's hard to overlook or overstate the dynamic impact Sears had on the retail industry in the United States", Greg Portell, lead partner in the retail practice of global strategy and management consulting firm A.T. Kearney told USA Today, "and also how the failure to reinvent ultimately leads to extinction". A new Office of the CEO will be responsible for managing day-to-day operations.

Storch said it is rising wages and competitive pressures that will result in more bankruptcies among big retailers "on the brink". The only acquirer it could find was Lampert, who offered $400 million for Kenmore through his hedge fund.

The filing listed between $1 billion and $10 billion in assets, while liabilities range between $10 billion to $50 billion.

Sears first became known for its general mail-order catalog which began in 1896.

In the 1980s, Sears went on a shopping spree, buying brokerage Dean Witter Reynolds and real estate company Coldwell, Banker. The store is owned separately from the mall, but Black said Northwood is working closely with New England Development on the redevelopment plans.

But some locations not even on the list — like the Sears at Tampas Westshore Plaza — have already made a decision to give up on the 132-year-old retailer. Some, like Payless ShoeSource, successfully emerged from reorganization in bankruptcy court.

Sears employed about 89,000 workers in the U.S. as of February, compared with 246,000 people five years ago. The company, which once had 350,000 workers, has also shrunk its headcount 68,000 workers as of Monday's court filing, the AP reported.

Melania Trump visits baby elephants, takes Kenya safari
Otherwise, he said , "She'll get some nice photos and it won't do anything to move the needle on USA interests on the continent". Agency for International Development, whose funding President Donald Trump has twice proposed slashing by almost a third.

The number of stores peaked in 2012 at 4,000, including its Sears Canada division that was later spun off.

Net sales to Sears represent less than 2 percent of the company's global sales.

The company has 90,000 employees and in its heyday owned over three thousand stores. But Sears lost its footing in the 1980s with expansions into financial products such as banking, mortgages, insurance and credit cards, and Walmart Inc supplanted Sears as the biggest retailer in the early 1990s.

Appliance giants Whirlpool and Frigidaire have a lot at stake in Sears' Chapter 11 bankruptcy filing, coming near the top of a long list of claims by unsecured creditors.

Remember, J.C. Penney has been more deliberate than any other retailer in recent years about trying to win market share as Sears closed hundreds of stores.

Along the way, the company found related innovations; for example, Allstate Insurance arose in the 1930s from the realization that Sears catalogs and stores would be good channels to sell insurance to the new legions of vehicle owners.

The company is unable to pay a $134 million debt payment, due Monday.

Eddie Lampert, Sears's chief executive officer and largest shareholder, may also look to sell some of the company's assets in bankruptcy - possibly to himself.

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