Sears Holding Corp. has filed for Chapter 11 bankruptcy protection with plans to keep hundreds of stores open for now under a deal reached with its lenders, while the retailer's chairman, Eddie Lampert, stepped down from his post as CEO, effective immediately.
Illinois-based Sears (Nasdaq: SHLD) filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York in White Plains early on Monday.
Sears has agreed to close 142 stores by the end of the year, in addition to 46 stores…
