Sears files for Chapter 11 amid plunging sales, massive debt

NEW YORK — Sears has filed for Chapter 11 bankruptcy protection, buckling under its massive debt load and staggering losses.Sears once dominated the American retail landscape. But the big question is whether the shrunken version of itself can be viable or will it be forced to go out of business, closing the final chapter for an iconic name that originated more than a century ago.Holdings will also close 142 unprofitable stores near the end of the year. Liquidation sales at these stores are