Sears, the store that changed America, declares bankruptcy

Posted online October 14, 2018 | 11:32 pm

Facing a $134 million debt payment, Sears and its parent company, Sears Holdings (Nasdaq: SHLD), filed for bankruptcy protection Oct. 15.

The 132-year-old department store chain currently had $193 million cash on hand, as of Aug. 4, with the holiday season on the horizon.

In a statement, company officials say they intend to stay in business and keep operating its profitable stores. Sears has about 700 stores and it's looking for a buyer of a large number of its remaining stores.

SHLD stock closed at 41 cents per share on Oct. 12 - and the stock had fallen 50 percent in the last five trading days.

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