Sears Holdings Corp., retail chain with 125-years history applied for bankruptcy filings after it tried to handle large debt and reducing flow of shoppers for many years, Bloomberg reports.

At the moment Sears is discussing financial deal, which will allow the company to keep some stores open until reorganization is over. CEO Eddie Lampert, the largest shareholder and hedge fund manager, will provide from $500 million to $600 million. Large portion of financing will be supplied by the banks.

Sometime ago Sears was the largest retailer in the US, however, the chain was not able to follow after changing habits of buyers, including switch to online shopping. As a result, it accumulated $10 billion of losses since 2012.

Lampert used multiple strategies trying to revive Sears. He closed hundreds of money-losing stores, reduced annual expenses by more than $1 billion and got rid of unprofitable divisions. However, it did not help to save the company.