Sears, the department store chain that dominated the US retail landscape for decades, filed for bankruptcy protection on Monday as it finally succumbed to a crushing debt burden and failure over several years to adapt to upheaval in the industry.

Tens of thousands of workers are facing an uncertain future after Sears’ billionaire chairman and chief executive Eddie Lampert, who has led the group for about 14 years, was unable to convince creditors and directors to back his latest  revival plan.