By Tyler Aki SYRACUSE, N.Y. (NCC News)- After announcing that nearly 150 stores will close before the end of the year, Sears has filed for Chapter 11 bankruptcy.
The 132-year-old retail giant has been struggling in recent years and only has about 700 stores remaining, down almost 300 from this February. The company had a $134 million debt payment due, which could not be paid off.
With the rise of e-commerce in recent years, Sears is one of many retailers that have taken financial hits.
Sears says it is still searching for a buyer for its remaining stores after CEO Eddie Lampert stepped down.
Sears Holdings, which also owns Kmart, plans to close 33 Sears stores and 13 Kmarts next month alone.
Sears plans on staying open through the holiday season and hopes to improve on last year’s underwhelming numbers. Sears and Kmart both experienced sharp drops last year, while other retailers thrived during the holiday season.
