Sears 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 has stepped down from his post as CEO, effective immediately.
Illinois-based Sears Holdings Corp. filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York in White Plains early Monday.
Sears has agreed to close 142 stores by the end of the year, in addition to 46 stores the company…
