Bankruptcy Lawyer Bryan W. Stone answers the question: “What is Chapter 11 Bankruptcy?”
Sears, Roebuck & Company, commonly known just as Sears, was founded following the Civil War. Since then, the company has grown and expanded, becoming a popular place for people to shop all across America. Sears has sold a wide variety of items through stores and catalogs, such as clothes, toys, appliances, and even tombstones. As time went on, more and more competition popped up, taking away some of Sears’ clientele. Stores like Walmart and Home Depot became difficult to compete with given their low prices. Additionally, online retailers like Amazon significantly cut into Sears’ customer base. With all of this competition and its decline in sales, Sears has filed for Chapter 11 bankruptcy, according to the New York Times.