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US retail giant Sears prepares to file for bankruptcy as shoppers go online

Financial Review
US retail giant Sears prepares to file for bankruptcy as shoppers go online

New York |Sears Holdings is preparing to file for Chapter 11 bankruptcy protection in the coming days following years of declining sales, sources said, casting doubt over the survival of what was once the world's largest retailer. The bankruptcy filing would end a standoff between chief executive Eddie Lampert, the retailer's biggest shareholder and lender, and a special board committee the company has formed to consider a rescue plan proposed by Lampert that would involve asset sales and a debt restructuring. The company has more than 500 stores in the US and employs some 140,000 people. One year ago, Sears Canada folded, closing 150 stores and laying off 12,000 workers. The committee has been