US Retail Giant Sears to Officially Shut Down The company has announced plans to liquidate after 126 years in business. The move comes after Chairman Eddie Lampart's $4.4 billion bid to save Sears was rejected by the company's board. It is a huge fall from grace for Sears, which was once America's most famous retailer. Since the rise of Amazon and online retail shopping, it has struggled to maintain relevancy. Sears, which hasn't produced a profitable year since 2010, filed for bankruptcy last October. As of now, there are 400 stores and 50,000 workers.
