U.S. retailer Sears to close 142 more stores as it files for bankruptcy
- 6 years ago
U.S. supermarket chain Sears, once a dominating force in the American retail sector, has filed for bankruptcy.
The firm says it's closing an additional 142 Sears and Kmart stores as part of its Chapter 11 bankruptcy and would begin liquidation sales within two weeks.
Sears filed for bankruptcy on Monday - the deadline for a 134 million-dollar loan repayment which the firm could not pay.
The retailer has closed hundreds of stores in recent years as it struggles to compete with the likes of Amazon and other online retailers.
The company said it intends to reorganize into a smaller store platform in order to save jobs.
The firm says it's closing an additional 142 Sears and Kmart stores as part of its Chapter 11 bankruptcy and would begin liquidation sales within two weeks.
Sears filed for bankruptcy on Monday - the deadline for a 134 million-dollar loan repayment which the firm could not pay.
The retailer has closed hundreds of stores in recent years as it struggles to compete with the likes of Amazon and other online retailers.
The company said it intends to reorganize into a smaller store platform in order to save jobs.