InBrief short takes

Sears files for bankruptcy, shuts stores

Sears, the venerable US chain that once dominated the retail sector but had been in decline since the advent of the Amazon era, filed for bankruptcy on Monday and announced it was closing almost 150 stores.

Edward S Lampert, chairman of Sears Holdings, said the insolvency filing would give the company the “flexibility to strengthen its balance sheet” and enable it to accelerate a strategic transformation.