Sears Files for Bankruptcy

Furniture World News Desk on 10/15/2018

The evolution of the Sears logo, from 1886 (left) to Present day.

The Wall Street Journal recently announced that Sears has filed for Chapter 11 bankruptcy. The retailer, which sought chapter 11 protection in U.S. Bankruptcy Court in White Plains, N.Y., reached a deal with its lenders that will allow the 125-year-old company to keep hundreds of its stores open for now.

Edward Lampert has stepped down as CEO but will remain chairman. The hedge-fund manager, who took control when he merged Kmart with Sears in 2005, ran the company as it racked up losses and closed hundreds of stores in recent years.

Sears said it would close 142 money-losing stores near the end of the year, with liquidation sales expected to begin shortly. The closings are in addition to 46 stores that are expected to close by next month.

To read the rest of this breaking news, visit the Wall Street Journal's original article.