
Monday morning Sears filed for Chapter 11 Bankruptcy. It has been reported that the value of their assets is anywhere from 1 to 10 billion dollars but their debts are as high as 50 billion dollars. Eddie Lampert has stepped down immediately as CEO. Sears will remain open while they try to reach an agreement with creditors to restructure their debts. Sears was able to secure $500 million in loans to continue operating while going through the bankruptcy process.



