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Sears is a department store famous for its catalogues which were fun for the whole family after the mailman drops it in the mailbox, and for being the namesake of the Sears Tower in Chicago, later officially known as the Willis Tower.
Sears has suffered considerably from failing to react to the rise of the internet and e-tailers like Amazon and other traditional retailers like Walmart and Target recently adopting a bricks-and-clicks hybrid model, and has closed numerous locations in the last few years. As for its Canadian counterpart, let's just say that Sears in the US is an undead zombie in comparison.
An additional round of store closures in 2018 plus continued financial weakness are telltale death throes not dissimilar from those that Sears Canada went through in 2016 and early 2017, prompting similar concerns that Sears' US operations are on borrowed time.
On October 10, 2018, CNBC reported that Sears is preparing a bankruptcy filing to be ready to go as soon as the same week. Sears' chapter 11 bankruptcy filing wound up being announced the start of the following week, on October 15th.