Sears has filed for bankruptcy after it failed to make a $134 million debt payment. According to a statement made by Sears Holdings (SHLD), the parent company of Sears and Kmart, they plan to stay in business; they will keep the profitable stores open along with the website. The company reported that they are looking for a buyer to purchase their remaining stores.

The company’s chairman and largest shareholder, Eddie Lampert, gave up the title as CEO. Three of the company’s top executives are now running the company. According to Lampert, he hopes that filing for bankruptcy will help the company to get rid of their debt and become a more competitive retailer.