Sears, the once American retail giant, has filed for chapter 11 bankruptcy.
https://www.cnbc.com/2018/10/15/sear...ankruptcy.html
Sears Holdings filed for bankruptcy early Monday after years of staying afloat through financial maneuvering and relying on billions of CEO Eddie Lampert's own money. The company also announced that Lampert will be stepping down as CEO, effective immediately, although he remains its chairman.
The 125-year-old retailer said Monday it was appointing Mohsin Meghji, managing partner of M-III Partners, as its Chief Restructuring Officer.
As part of the bankruptcy, Sears will shutter 142 stores towards the end of the year end. It expects to begin liquidation sales shortly.
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