Formerly market-leading chain, which owns Kmart, to close 146 more stores this year
Sears, the 125-year-old US department store chain that was once the biggest retailer in the world, has filed for bankruptcy after years of losses and mounting competition from online rivals such as Amazon.
The company, which owns the discount chain Kmart, has filed for Chapter 11 bankruptcy in New York as it struggles with a debt burden of $5.6bn (£4.3bn). It will shut another 142 stores by the end of the year, following 46 recently announced store closures. The company had 506 Sears stores and 360 Kmart stores in August.
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