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Why Sears is not going to 'go bankrupt' in Mexico

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Sears Holdings filed an application for bankruptcy protection in Chapter 11 of the US bankruptcy law on Monday, October 15, 2018. Eddie Lampert, the 125-year-old CEO of the company, will step down from his position but will continue as president. Sears should have paid off $ 134 million in debt this week, but did not have enough capital to cover it, leading to bankruptcy. In a statement, the company said that stores that are profitable will remain open, and the Sears and Kmart websites will remain online.

At the time of the bankruptcy filing, some 700 Sears stores were still open in the United States. The brand had a workforce of 68,000, but it was shrinking over the course of 2018 (the company had 1,000 stores with 89,000 workers in February).

This week the chain announced that it is closing its last store in Illinois, its home state.

The store, located in Woodfield Mall, is scheduled to close its doors on November 14, as part of a corporate plan to "remodel and revitalize the property," reports the Daily Herald .

A spokesperson for Sears' parent company Transformco said they will still manage the space and are currently negotiating with retailers to fill the now vacant property.

"This is part of the company's........

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