15.10.2018 18:20:40
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Sears Holdings Posting Steep Loss After Filing For Chapter 11 Bankruptcy
(RTTNews) - Shares of Sears Holdings Corp. (SHLD) are seeing substantial weakness in afternoon trading on Monday, with the department store chain plunging by 18.9 percent to a record intraday low.
The steep drop by Sears comes after the company announced its widely anticipated move to file for Chapter 11 bankruptcy protection.
Sears also announced a series of actions to position the company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term, including closing 142 unprofitable stores.
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