Sears Holdings has filed for Chapter 11 bankruptcy protection in White Plains, New York, multiple news outlets are reporting.
The iconic company, which owns Sears and Kmart, said early Monday that it will shutter 142 of its stores “near the end of the year” in addition to 46 closures announced this summer. A list of the affected locations was not immediately available.
As of August, Sears Holdings owned 506 Sears stores and 360 Kmart locations, USA Today reported.
The company also announced Monday that Eddie Lampert “has stepped down from his role as chief executive officer of the company” but “will remain chairman of the board,” according to a news release.
"Over the last several years, we have worked hard to transform our business and unlock the value of our assets," Lampert said in a statement. "While we have made progress, the plan has yet to deliver the results we have desired, and addressing the Company's immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer.
He added: "As we look toward the holiday season, Sears and Kmart stores remain open for business and our dedicated associates look forward to serving our members and customers."
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