Sears, the store that changed America, declares bankruptcy

Posted at 1:35 AM, Oct 15, 2018
and last updated 2018-10-15 06:44:49-04

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

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' parent company, which owns Sears and Kmart, is among dozens of prominent retailers to declare bankruptcy in the era of Amazon.