Up until the late 1980’s Sears was the largest retailer in the USA when Walmart surpassed it. In recent years Sears has experienced significant declines in its sales and the Group filed for Chapter 11 bankruptcy on 15th October 2018.
In the previous week Board and Senior Managers had met with investors, but the shareholders required the retailer to liquidate ahead of a $134 million loan repayment deadline on October 15th.