FILE- In this July 8, 2017, file photo people walk into a Sears store slated for closing that is next to a mall that is being torn down in Overland Park, Kan. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. The company once dominated the American landscape, but whether a smaller Sears can be viable remains in question. (AP Photo/Charlie Riedel, File)
The Associated Press
NEW YORK (AP) - The Latest on the filing for bankruptcy protection by the Sears Holding Corp. (all times local):
1:15 p.m.
Appliance maker Whirlpool says that it expects a "very limited impact" to its business from Sears' descent into bankruptcy protection.
The company, known for refrigerators, washing machines, and other appliances, says that about 1 percent of its accounts receivable exposure is related to Sears.
Net sales to Sears represent less than 2 percent of the company's global sales.
Whirlpool doesn't expect the bankruptcy to have any impact on its 2018 guidance or long-term financial results.
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8:55 a.m.
Hedge fund ESL says it stands by Sears' decision to file for Chapter 11 bankruptcy protection, though it would have preferred to avoid a court-run process.
The hedge fund is run by now former Sears CEO Edward S. Lampert, who is also the company's largest shareholder and has been attempting to keep the company afloat with his own money.
An out-of-court resolution "did not prove possible", ESL said.
"We intend to work closely and collaboratively with other stakeholders to restructure the company's balance sheet using the Chapter 11 framework as quickly and efficiently as possible and will continue to press forward with the goal of seeing Sears emerge from this process positioned for success as a smaller, less indebted retailer in an integrated retail environment," ESL said.
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8:15 a.m.
Electrolux hopes to continue selling its appliances at Sears after the iconic American retailer filed for Chapter 11 bankruptcy protection.
Electrolux said Monday that it has actively planned for the bankruptcy and other contingencies at the same time that it seeks other outlets that can sell its goods. The company gets about 10 percent of its revenue through sales of its products at Sears.
It said the bankruptcy filing, even though it has prepared for it, may lead to a material impact on business at Electrolux.
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6:40 a.m.
Sears is filing for Chapter 11 bankruptcy protection.
The company, inundated by debt and falling sales, said Monday that it would begin liquidation sales and close another 142 stores before the end of the year. The company that dominated the American retail landscape in the 20th century joins a long list of stores ravaged by changing technology and shopping patterns.
Some stores have pulled out of bankruptcy court and found some stability, but the future of other longstanding retail institutions like Toys R Us are more doubtful.
FILE - In this March 24, 2005, file photo Kenmore refrigerators are wheeled into the existing K-Mart in Nashua, N.H., to become a "Sears Essentials" store. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. The company once dominated the American landscape, but whether a smaller Sears can be viable remains in question. (AP Photo/Jim Cole, File)
The Associated Press
FILE - In this July 16, 1969, file photo people watch the Apollo 11 Saturn V rocket launch on multiple TV's at a Sears department store in White Plains, N.Y. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. The company once dominated the American landscape, but whether a smaller Sears can be viable remains in question. (AP Photo/Ron Frehm, File)
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FILE - In an undated file photo, Ruth Parrington, librarian in the art department of the Chicago Public Library, studies early Sears Roebuck catalogs in the library's collection in Chicago. The catalog Parrington is holding features women's fashion from 1902. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. (AP Photo/File)
The Associated Press
FILE- In this Aug. 26, 1948, file photo women's hats are pictured in a 1907 Sears Roebuck catalog from the shelves of the Chicago Public Library, in Chicago. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. The company once dominated the American landscape, but whether a smaller Sears can be viable remains in question. (AP Photo/Edward Kitch, File)
The Associated Press
FILE - In this March 22, 2017, file photo, a woman and child ride the escalator at a Sears store in St. Paul, Minn. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. The company once dominated the American landscape, but whether a smaller Sears can be viable remains in question. (AP Photo/Jim Mone, File)
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FILE- In this Nov. 17, 2004, file photo Kmart chairman Edward Lampert, left, and Sears CEO Alan Lacy listen during a news conference to announce the merger of Kmart and Sears in New York. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. The company once dominated the American landscape, but whether a smaller Sears can be viable remains in question. (AP Photo/Gregory Bull, File)
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FILE - This May 3, 1973, file photo shows the topping ceremonies taking place atop the Sears Tower to mark the building reaching 1,454 feet in Chicago, from the view of from a helicopter looking northeast. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. The company once dominated the American landscape, but whether a smaller Sears can be viable remains in question. (AP Photo, File)
The Associated Press
FILE - In this 1930s file photo, General Robert E. Wood, president of Sears, Roebuck & Co., and Julius Rosenwald, chairman of the board, posing for a photo next to an All State tire, outside of the Sears Distribution Center, in Atlanta. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. (Atlanta Journal-Constitution via AP, File)
The Associated Press
FILE - In this Aug. 23, 1961, file photo shopper Arlene Hardt, right, is shown drapery samples by clerk Lucille Jagusch at the Golf-Mill Sears Roebuck department store in Niles, Ill. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. The company once dominated the American landscape, but whether a smaller Sears can be viable remains in question. (AP Photo, File)
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FILE - This March 1, 1959, file photo shows a Sears building in downtown Houston. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. The company once dominated the American landscape, but whether a smaller Sears can be viable remains in question. (Houston Chronicle via AP, File)
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FILE- In this Nov. 29, 2007, file photo a person shops at the Sears store in Berlin, Vt. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. The company once dominated the American landscape, but whether a smaller Sears can be viable remains in question. (AP Photo/Toby Talbot, File)
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