Recently, Sears filed for Chapter 11 bankruptcy in New York. As a part of the bankruptcy, the company will shut down 142 of the 687 stores it has left, on top of 46 store closings already announced earlier. The company employs 68,000 people, according to a CNBC report, and it is not clear how many of them would be laid off as a result of the store closures.

The CEO of the company, Eddie Lampert, said in an email to company employees that he will be stepping down as CEO. He will, however, remain a member of the board of directors.