Sears Receives Go-Ahead For Bankruptcy, Will Close 142 Stores

White Oak, MD – The American chain of department stores, Sears, has filed for bankruptcy. According to Business Insider, Sears filed for Chapter 11 bankruptcy Monday, Oct. 15, after suffering from sale declines and low customer traffic.

Sears CEO Eddie Lampert announced he would be stepping down from his position, although he will still remain the company’s chairman. Sears will be closing 142 of its stores by the end of 2018.