The U.S. retailer Sears Holdings (SHLD.O) filed for bankruptcy protection Monday, raising doubts about the future of the 100-year-old U.S. store. Sears used to call the wind in the shopping mall era, but it withered away in the era of online shopping.
Before Sears Holdings filed for bankruptcy to restructure its debt, revenue had fallen for a decade, hundreds of stores had closed, and Eddie Lampert, its chief executive, had made several deals over the years to reverse the fate of the company he bought in 2004; Sears Holdings owned Sears and Roebu. CK and Co and Kmart Corp.
Lampert had previously announced that Sears would regain its former glory, owning the world's tallest building, radio stations and Allstate insurance.
But the company has not made any profit since 2011, and critics say Lampert has allowed the store to deteriorate over the years, despite buying Sears and lending money to the company. Sears has sold Craftsman, a well-known brand, and Lampert is considering selling Kenmore.
The company has $6.9 billion in assets and $11.3 billion in liabilities, according to filings from the Southern District Bankruptcy Court.
The bankruptcy filing was triggered by a confrontation between Lampert, the company's largest shareholder and creditor, and a special committee on Lampert's rescue plan.
When a company files for bankruptcy, its shareholders often lose their money, and Sears'own fate will depend on whether its creditors and suppliers are willing to let it survive.

<>Sears, a veteran retailer in the US, filed for bankruptcy protection.

 

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