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Sears files for Chapter 11 amid plunging sales, massive debt

NEW YORK (AP) — 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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