On Monday, Sears Holdings Corp filed for Chapter 11 bankruptcy.
Reuters reports that Sears will close 142 unprofitable Sears and Kmart locations.
The company seeks to reorganize around financially healthier stores.
Declaring bankruptcy triggered a “time bomb” that retailers have had a tough time surviving.
Bankrupt retailers have had less time to make major strategic decisions for their survival.
New rules have given landlords and lenders more leverage in the process.