US giant Sears goes under

SEARS has filed for bankruptcy as it battles an onslaught from online rivals such as Amazon.

The 125-year-old US retailer will close 142 stores after numerous attempts by chief executive Eddie Lampert to keep the company afloat.

The stores earmarked for closure are in addition to 46 previously announced, which will be shut by next month.

Sears is understood to have filed for Chapter 11 bankruptcy protection after failing to meet a £102m payment due this week. Lampert, 56, had promised to restore it to its glory days when it was the US’s largest retailer and employer. But it has been lossmaking since 2011 and Lampert has been accused of letting the stores deteriorate as he snapped up more Sears shares to make him the largest shareholder and creditor. His £182m stake is likely to be worth nothing.

Neil Saunders, managing director of analysts Global Data Retail, blamed ‘management’s failure to understand retail and evolve’ the retailer.