Thursday 15 November 2018
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American retail icon Sears files for bankruptcy

Sears, the venerable US chain that once dominated the retail sector but had been in decline since the advent of the Amazon era, filed for bankruptcy Monday. The Chapter 11 filing to reorganise debts of the parent of Sears, Roebuck and Co and Kmart Corp follows a decade of revenue declines, hundreds of store closures, and years of deals by billionaire Chief Executive Officer Eddie Lampert in an attempt to turn around the company he bought in 2004. Lampert had pledged to restore Sears to its...

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