Sears, the 125-year-old retailer that shaped American buying habits during much of the 20th century, filed for bankruptcy protection on Monday just ahead of the Christmas shopping season.
Sears Holdings Corp., which owns Sears and Kmart, filed for Chapter 11 protection in U.S. Bankruptcy Court in White Plains, New York, on the same day it was due to make a $134 million debt payment.
The company said in an announcement it would close 142 “unprofitable” stores by the end of the year, with liquidation…
