Sears, the department store chain that dominated the US retail landscape for decades, filed for bankruptcy protection on Monday as it finally succumbed to a crushing debt burden and failure over several years to adapt to upheaval in the industry.
Tens of thousands of workers are facing an uncertain future after Sears’ billionaire chairman and chief executive Eddie Lampert, who has led the group for about 14 years, was unable to convince creditors and directors to back his latest revival plan.
The retailer, which had limped on despite racking up more than $10bn in losses since the turn of the decade, made the Chapter 11 filing in a US Bankruptcy Court in New York the same day as a $134m loan was due.
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