Sears has declared bankruptcy, the expected move coming early this morning (October 15th) when it filed for Chapter 11 bankruptcy protection. According to the filing, Sears, which hasn’t earned a profit since 2010, has assets of $1 billion to $11 billion and liabilities of $10 billion to $50 billion. Sears stores and Kmart, which it owns, will remain open, but 142 unprofitable locations will be closed near the end of the year. After being founded in 1886, Sears grew to become the largest retailer in the country, and was known for its hefty mail-order catalogs. But with the advent of the internet and online sales, it has seen its fortunes fall.