Sears, has officially filed for bankruptcy.
The 132-year-old company has been struggling for several years and is drowning in debt. The final straw was a $134 million debt payment due Monday that it could not afford.
Sears said that it's looking for a buyer for a large number of its remaining stores, and it will close at least 142 stores near the end of this year. That's in addition to the 46 store closings already planned for next month.
Carolyn talked about it on the air! Listen here: