Individuals simply cannot spend more money than they make, and the same holds true for even the largest of retail department stores.

The ongoing saga of the rise and fall of century-old department store chain Sears is nearing its end. The Hoffman Estates, Illinois-based retailer officially filed for bankruptcy Monday after years of financial struggles and a mountain of debt it has been unable to pay down, including a $134M debt repayment that was due by Monday, writes Champaign Williams for biznow.com. 

[uam_ad id=”54865″]

Sears online and in-store business will continue to operate as normal during bankruptcy proceedings.

By voluntarily entering bankruptcy protection, the company aims to pay off debt to creditors while staying afloat through the holiday season — the biggest shopping season of the year. Sears has roughly $11.3B in outstanding loans and liabilities and $7B worth of assets. According to MarketWatch the retailer is hoping to secure $1.87B in bankruptcy financing to pay off debt and potentially fund a comeback should bankruptcy proceedings go well.

Sears was founded following the American Civil War in the early 1890s. The 132-year-old retail chain, which operates both Sears and Kmart stores, has been credited for pioneering the catalog/department store strategy of selling everything to everyone, the NYT reports. Fast-forward nearly a century and a half and aggressive competition in the form of big-box giants like Walmart and Home Depot and e-commerce competitors like Amazon has put the convenience of shopping in the consumer’s hands, forcing brick-and-mortar businesses to adapt to changing consumer preferences or go under.

To read the complete story click here. 

[uam_ad id=”54875″]