Sears bankruptucy: 142 more stores to close, liquidation sales soon

Sears has seen sales cut in half since 2014, and has burned through cash and closed hundreds of stores in a bid to stay afloat.

The man in charge of Sears, Edward S. Lampert, has blamed the company's decline on the mediashifts in consumer spending, and the rise of e-commerce, among other reasons.

Sears said on Monday that Lampert has stepped down from his role as CEO of the company, effective immediately. He remains chairman of the board.

"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."


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