Sears Files Ch. 11 In NY With Sale, Store Closing Plans

Law360 (October 15, 2018, 8:12 AM EDT) -- Hours away from a major default and facing pressure to liquidate, Sears Holdings Corp. took its long-struggling retail chain into bankruptcy court early Monday with more than $11 billion in debt and plans to sell assets.

This photo shows a Sears department store in Brooklyn, New York, on Oct. 10, five days before the long-struggling retail chain filed for bankruptcy. (AP) In court filings early Monday morning in New York, the 68,000-employee company reported that it hopes to sell around 400 earnings-positive stores, along with other potentially viable sites and assets, including intellectual property, while under Chapter 11 protection.

Sears Chairman and...

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