Sears, which has dozens of Georgia locations, 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 has stepped down from his post as CEO, effective immediately.
Illinois-based Sears Holdings Corp. (Nasdaq: SHLD) filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York in White Plains early on Monday, local time.
