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Sears filing for bankruptcy

Sears Holdings is preparing to file for Chapter 11 bankruptcy protection in the coming days, casting doubt over the future of what was once the world's largest retailer and sending its shares to a record low.
 
The bankruptcy filing would end a standoff between Chief Executive Officer Eddie Lampert, the retailer's biggest shareholder and lender, and a special board committee the company has formed to consider a rescue plan that would involve asset sales and a debt restructuring.
 
The committee has been resisting the plan amid concerns that creditors and shareholders would sue over it being too favourable for Lampert.
 
Sears Canada, which was spun-off from the main company in 2012, filed for bankruptcy last year, with the loss of thousands of jobs.


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