US retailer Sears files for bankruptcy

Formerly market-leading chain, which owns Kmart, to close 142 more stores this yearSears, the 125-year-old US department store chain that was once the biggest retailer in the world, has filed for bankruptcy after years of losses and mounting competition from online rivals such as Amazon.The company, which owns the discount chain Kmart, has filed for chapter 11 bankruptcy in New York as it struggles with a debt burden of $5.6bn (£4.3bn). It will shut a further 142 stores by the end of the y