Declining sales and staunch competition from online retail companies have forced company officials at Sears to close additional stores throughout the country.
According to Sears, officials filed for Chapter 11 bankruptcy early Monday morning following a multi-year battle to navigate the fiscal storm through plummeting sales and customer traffic.
Officials say the over a century old company, has seen its sales cut nearly in half since Amazon and other online retail companies who stepped up their sales pitches of free deliveries, competitive prices, and faster service to customers.
According to Business Insider, the company has been burning through cash, closing hundreds of stores, and slashing jobs in an attempt to cease the bleeding.
Several NJ stores will be affected by the closings according to Sears officials, but none has been selected at this time.
**IMAGE CREDIT:** CNBC
**INFO CREDIT:** Business Insider