Sears filed for Chapter 11 bankruptcy protection Monday morning, citing a massive debt load and staggering losses.
The company has struggled with outdated stores and complaints about customer service. That’s in contrast with chains like Walmart, Target, Best Buy and Macy’s, which have been enjoying stronger sales as they benefit from a robust economy and efforts to make the shopping experience more inviting by investing heavily in remodeling and de-cluttering their stores.
Sears Holdings, which operates both Sears and Kmart stores, will close 142 unprofitable stores near the end of the year, with liquidation sales expected to begin shortly.
That’s in addition to the closure of 46 unprofitable stores that had already been announced.