The American corporation Sears Holdings, which owns retail stores and in its century-long history not so long ago held a leading position in the United States, announced the commencement of bankruptcy proceedings in accordance with Chapter 11 of the US Bankruptcy Code. Amid fierce competition from online stores, the company's revenue has declined over the years, leading to the closure of its hundreds of stores. The head of the company, billionaire Eddie Lampert made a number of deals, seeking to improve the position of Sears. His plan to save the company was the cause of disagreement between him and the special committee of the board of directors. The company filed a lawsuit in a bankruptcy case in New York, in which it indicated assets worth $6 billion 900 million and liabilities of $11 billion 300 million.