The 132 year old massive retail company, Sears, officially filed for bankruptcy on Monday, October 15. After struggling for several years and drowning in debt, a large $134 million dollar payment was the straw that broke the camel’s back, and the filing came up in federal court that morning.

    Sears has planned to stay in business and wished to keep open profitable stores, along with the Sears website. At the time of the bankruptcy, only 700 stores remained open with 68,000 people employed. Earlier this year, Sears had 1,000 store with 89,000 employees, said CNN. Sears also has planned on finding a buyer for its remaining stores, but plans to close 186 stores by the end of this year, but may close even more as the bankruptcy process continues.

    Eddie Lambert, the company’s CEO, officially gave up his title; the company will be run by three top executives from this point on. “While we have made progress, the plan has yet to deliver the results we have desired,” Lambert said in a statement on Monday.

    While Sears has intended on staying in business, many other companies have filed for bankruptcy and ultimately failed, including Toys R Us, Sports Authority, and Radio Shack. Ultimately, the future of Sears as a company will depend on if it can keep up with consumers in the new age of digital merchandising.