Business: Sears – The Store That Changed America – Declares Bankruptcy

Countz Lifestyle

Sears, the once-dominant retail chain that changed how Americans shopped and lived, has filed for bankruptcy, CNN reports.

The 132-year-old company has been struggling for several years and is drowning in debt. The final straw was a $134 million debt payment due Monday that it could not afford.

Sears Holdings (SHLD), the parent company of Sears and Kmart, is among dozens of prominent retailers to declare bankruptcy in the era of Amazon (AMZN).

The filing in federal bankruptcy court in New York came in the early hours of Monday morning. The company issued a statement saying it intends to stay in business, keeping open stores that are profitable, along with the Sears and Kmart websites.

As of the filing, about 700 stores remained open and the company employed 68,000 workers. That’s down from 1,000 stores with 89,000 employees that it had as recently as February.

But Sears said that it’s…

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