Sears filed for bankruptcy Monday morning, marking what might be the beginning of the end of one of the most remarkable business stories in American history. As the AP explains, the big question is whether the chain will go away for good or emerge as a smaller version of itself. One tangible result that consumers can expect to see soon: liquidation sales at the 142 unprofitable stores set to be closed by the end of this year—in addition to the 46 closures previously announced. Details and developments:
- Your store? See USA Today for the state-by-state list of the 142 new closures (of both Sears and Kmart) announced Monday.
- Trump: President Trump said the company had been mismanaged. "Sears has been dying for many years," he said, per Fox Business. "It’s been, obviously, improperly run for many years, and it’s a shame." Trump also noted that Sears was a "big deal" when he was growing up, calling its demise "very sad."