Sears, once America's everything-under-one-roof store and the biggest retailer in the world, has filed for Chapter 11 bankruptcy.
The company has been plagued by falling sales and heavy debt. The plan is to close about 1 in 5 of its remaining stores in a bid to stay afloat. Analysts have their doubts Sears will survive.
Read more about the troubles faced by Sears in The Wall Street Journal
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Source: AP