Lauren Hirsch & Lauren Thomas
A woman walks past store closing signs at a Sears in New Hyde Park, New York, October 10, 2018. Sears Holdings files for Chapter 11 bankruptcy
9 Hours Ago | 01:35
Sears Holdings filed for bankruptcy protection early Monday after years of staying afloat through financial maneuvering and relying on billions of CEO Eddie Lampert’s own money. Lampert, who has served as CEO for the past five years, will step down from that post, effective immediately, but remain chairman.
The 125-year-old retailer, once the nation’s largest, said Monday it was appointing Mohsin Meghji, managing partner of M-III Partners, as its chief restructuring officer.
As part of the bankruptcy, Sears will shutter 142 stores toward the end of the year. It expects to begin liquidation sales shortly.
The bankruptcy filing comes more than a decade after Lampert merged Sears and Kmart, hoping that forging together the two struggling discounters would create a more formidable competitor.