Sears is filing for bankruptcy.
Sears Holdings announced the move early Monday morning, as the iconic company deals with its massive debt load and staggering losses.
The company also announced that CEO Eddie Lampert will be stepping down effective immediately.
As part of the chapter 11 bankruptcy, the once ubiquitous retailer will shutter 142 stores towards the end of the year.
Sears expects to begin liquidation sales shortly.
The company has been in survival mode for more than a decade; its last profitable year was 2010.
It’s still unclear if a scaled down sears can be viable, or will if the 125-year-old retailer will be forced to go out of business.