On Monday, management declared Chapter 11 bankruptcy and announced an immediate CEO change for the 126-year-old company.

CEO Edward Lampert will remain chairman of the board, but executive leadership will be granted to a new Office of CEO occupied by CFO Robert Riecker, Chief Digital Officer Leena Munjal, and President of Apparel and Footwear Gregory Ladley.

With a new independent restructuring committee, the firm will also accelerate “strategic transformation” with 142 store closures, considered sales of stores and assets, and reorganization around a smaller store platform comprised of locations boasting positive earnings before interest, tax, depreciation and amortization… CLICK for complete article