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October 16, 2018
NEW YORK — Sears filed for Chapter 11 bankruptcy protection Monday, with plans to shutter 142 unprofitable stores in the hopes that it can stay in business.
The question now is whether a smaller version of the company that once towered over the American retail landscape can be viable. Sears, which started as a mail order catalog in the 1880s, has been on a slow march toward extinction as it lagged far behind its peers and incurred huge losses over the years.
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