US retailer Sears Holdings Corp files for bankruptcy

 Sears Holdings Corp has filed for Chapter 11 bankruptcy as reported with leading media agencies. The Chapter 11 filing to reorganise debts of the parent of Sears, Roebuck and Co and Kmart Corp follows a decade of revenue declines, hundreds of store closures, and years of deals by billionaire chief executive officer Eddie Lampert in an attempt to turn around the company he bought in 2004.

As per the media reports, the company listed $6.9 billion in assets and $11.3 billion in liabilities in documents filed in the US Bankruptcy Court in the Southern District of New York.

( Source: Reuters )