Sears, Drowning In Red Ink, Finally Files For Chapter 11 Bankruptcy
The filling could mark the end of the struggling retailer, which invented the mail-order catalog business and has been an American institution since 1887.
Sears — the iconic American retailer that has sold everything from clothing and toys to refrigerators and socket wrenches over its more than 130 year history — may have reached the end. The Sears Holdings company filed for Chapter 11 bankruptcy on Monday, after failing to make a $134 million debt payment.
The bankruptcy filing is the latest and that featured nearly everything the American consumer might desire.
