NEW YORK (AP) – Sears is filing for Chapter 11 bankruptcy protection.
The company, inundated by debt and falling sales, said Monday that it would begin liquidation sales and close another 142 stores before the end of the year. The company that dominated the American retail landscape in the 20th century joins a long list of stores ravaged by changing technology and shopping patterns.
It joins a growing list of retailers that have filed for bankruptcy or liquidated in the last two years amid a fiercely competitive climate. But with its sheer colossal size, Sears’ reorganization in court will have even wider ripple effects.
Liquidation sales at the select stores will begin “within two weeks,” according to Sears’ bankruptcy filing.
In Colorado, that impacts these Sears stores:
- 7001 S University Blvd, Centennial
- 10785 W Colfax Ave., Lakewood
The operator of Kmart and Sears stores has already closed hundreds of locations and has put other famous brands on the block as it burns through money and sees more customers abandon its often-neglected stores.
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