Once mighty US retailer Sears files for bankruptcy

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Sears, the venerable chain that once dominated the American retail sector but had been in decline since the advent of the Amazon era, filed for bankruptcy Monday and announced it was closing almost 150 stores. With a history that stretches back to 1886, the company was a pioneer of departmental stores that sold all things to all people and by the mid-twentieth century had built a vast empire that stretched across North America. "The Company and certain of its subsidiaries have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York," a statement by Sears Holdings Corporation said.