Sears, inundated by debt, seeks protection

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.

Some stores have pulled out of bankruptcy court and found some stability, but the future of other longstanding retail institutions like Toys R Us are more doubtful.