Mubasher: US retailer Sears Holdings Corp, also known as Kmart, has filed for Chapter 11 bankruptcy protection on Monday.

The brand that once dominated the US’ shopping malls has been suffering from growing online competition from firms such as Amazon, the London-based platform BBC News reported.

The company has been shutting and selling its properties after struggling with over $5 billion in debts.

“Over the last several years, we have worked hard to transform our business and unlock the value of our assets,” chairman of Sears Edward Lampert said in a statement.

“While we have made progress, the plan has yet to deliver the results we have desired,” he added.

Almost 90,000 employees work at Sears and the retailer had more than 3,000 stores in its heyday.

Sears was once the US’ largest retailer before Walmart took over the country in the 1980s.

The Chapter 11 filing postpones the obligations of any American company to its creditors, allowing it to reorganise its debts or sell parts of the business.