>> Once a US retail titan, the 100-year-old store, Sears, has filed for bankruptcy. It announced plans on Monday to close 142 more stores after a decade of revenue declines and store closures. Sears once dominated US malls, but has withered in an age of Internet shopping. CEO Eddie Lampert, who bought the brand in 2004, had pledged to restore Sears to its glory days.
Sears once owned the tallest building in the world and companies that included a radio station and Allstate Insurance. But the company has not turned a profit since 2011. Critics say Lampert let the stores deteriorate over the years, even as he bought the company's stock and lent it money.
Now, Lampert has announced he will again try and save Sears from liquidation ahead of the key holiday shopping season. He'll contribute up to $600 million to fund operations during the bankruptcy proceedings. Significant financing is also expected from banks like Citigroup and Bank of America. Meanwhile, Sears and Kmart stores are open for business, and the company continues to pay its near 90,000 employees.
The company hopes to reorganize and keep open 700 of its best stores.