Sears Files For Bankruptcy

Source: Mats Silvan / Getty

Sears has filled for bankruptcy. The company plans to close up to 150 stores with hopes that it will help the company make it through the holiday season. Sears has entered voluntary Chapter 11 bankruptcy proceedings after a decade of struggling.

The company was at its peak in the 1990s until Target, Walmart, and other companies sprouted causing tough competition. The company has been slowing losing sales since 2013 losing roughly around $5.8 billion after closing 1,000 stores. Unfortunately, more layoffs and store closes are more than likely going to happen and continue.

via HipHopWired

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