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Sears files for bankruptcy

Photo: Eduardo Munoz Alvarez/VIEWpress/Corbis via Getty Images

Sears Holdings filed for bankruptcy Monday as a $134 million debt payment came due, per CNBC.

The details: The once-mighty retail giant will have its CEO Eddie Lampert step down but remain as chairman as Mohsin Meghji takes over as chief restructuring officer. It'll also close 142 more Sears and Kmart stores before the end of the year, accelerating a trend for the company that's seen hundreds of unprofitable stores shut down.

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