Sears — the iconic American retailer that has sold everything from clothing and toys to refrigerators and socket wrenches over its more than 125-year history — may have reached the end. The Sears Holdings company filed for Chapter 11 bankruptcy on Monday after failing to make a $134 million debt payment.
The bankruptcy filing is the latest and most significant milestone in a long decline for the company once best-known for pioneering the mail-order catalog that featured nearly everything the American consumer might desire.
Today, however, Sears is drowning in $5.5 billion of outstanding debt.
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