According to a report, Sears filed for Chapter 11 bankruptcy on Monday. The company has plans to shut down 142 more stores in addition to the spots they’ve already closed.
Reuters noted that the company had 70,000 employees at one point, but has not turned a profit since 2011. Sears said that it has $6.9 billion in assets and $11.3 billion in liabilities according to a document they filed in the U.S. Bankruptcy court.
— Reuters Top News (@Reuters) October 15, 2018