Sears files for bankruptcy on ‘slow march to extinction’

News

October 15, 2018 - 10:33 AM

NEW YORK (AP) — Sears filed for Chapter 11 bankruptcy protection today, buckling under its massive debt load and staggering losses.

The question now is whether a smaller version of the company that once towered over the American retail landscape can remain viable or whether the iconic brand will be forced out of business.

Sears, which started as a mail order catalog in the 1880s, has been on a slow march toward extinction as it lagged far behind its peers and incurred huge losses over the years.

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