Bankruptcy protection for US retail giant Sears

US retail giant Sears has filed for Chapter 11 bankruptcy protection, buckling under its massive debt load and staggering losses.

The company began as a mail order catalogue in the 1880s, featuring items from bicycles to sewing machines to houses. It began opening retail locations in 1925 and expanded swiftly in suburban malls from the 1950s to 1970s.

But the onset of discounters like Walmart created challenges for Sears that have only grown and it faced even more competition from online sellers and appliance retailers like Lowe’s and Home Depot.

The operator of Sears and Kmart stores began to incur massive losses, joining a growing list of retailers that have filed for bankruptcy or liquidated in the last few years.

Given its sheer size, Sears’ bankruptcy filing will have wide ripple effects on everything from already ailing landlords to its tens of thousands of workers.

The filing comes after rescue efforts overseen by chief executive Eddie Lampert have kept the firm outside the bankruptcy court.