Large Retailers Which Have Filed For Bankruptcy
Sears
Sears is one of the oldest and most legendary names in retail, having been founded some 132 years ago. Indeed, nobody would expect for such a retail giant to struggle financially, but that’s exactly what happened when it filed for Chapter 11 bankruptcy in October 2018 due to declining sales.
From its humble beginnings as a mail order catalog company, Sears became a billion-dollar company in 2006. Unfortunately, it started losing its profitability by 2010 as more convenient e-commerce options emerged. By the end of 2018, Sears anticipates closing at least 142 out of their 700 remaining stores, leaving thousands of employees without a payroll by Christmas.
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