Sears files for Chapter 11 bankruptcy protection

Chicago, Ill. — Massive debt is causing Sears to file for Chapter 11 bankruptcy protection.

Sears joins a growing list of retailers that have filed for bankruptcy or liquidated in the last two years in a fiercely competitive climate.

Sears' reorganization in court will have even wider ripple effects because of the company's enormous size.

The operator of Kmart and Sears stores has already closed hundreds of locations.

That has put other famous brands on the block as it burns through money and sees more customers abandon its often-neglected stores.