Illinois retailer has filed for bankruptcy

Sears, the retailer that began as a catalog only retailer in the 1880s has filed for Chapter 11 bankruptcy today.  It's reported that the company will close 142 Sears and K-Mart locations by the end of this year. Sears has said that they have secured $300 million loan to continue operations as they go through bankruptcy. Employee numbers have fallen over the last few years exposing them to some risky working conditions. 

This morning, the company took to their Instagram account to promise their customers that they vow to remain open saying, "we remain committed to serving you either on-line or in our stores with great deals and offers."

Full story thanks to ABC7Chicago

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