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Sears Holdings Corporation (now referred to as “Old Sears”) is an American holding company headquartered in Hoffman Estates, Illinois. It was the parent company of the chain stores Kmart and Sears and was founded after Kmart purchased Sears in 2005;[7] it filed for Chapter 11 bankruptcy in 2018 and sold its assets to ESL Investments in 2019.[8] It was the 20th-largest retailing company in the United States in 2015. Sears, Roebuck and Company, colloquially known as Sears, is a chain of department stores founded by Richard Warren Sears and Alvah Curtis Roebuck in 1893, reincorporated (a formality for a history-making consumer sector initial public offering) by Richard Sears and new partner Julius Rosenwald in 1906. Formerly based at the Sears Tower in Chicago and currently headquartered in Hoffman Estates, Illinois, the operation began as a mail ordering catalog company and began opening retail locations in 1925. The first location was in Chicago, Illinois.[3] In 2005, the company was bought by the management of the American big box chain Kmart, which formed Sears Holdings upon completion of the merger. In the 1980s and earlier, Sears was the largest retailer in the United States until when Walmart and Kmart surpassed Sears in sales in 1990.[4] In 2018, Sears was the 31st-largest retailer in the United States.[5] After several years of declining sales, its parent company filed for Chapter 11 bankruptcy on October 15, 2018.[6] Sears announced on January 16, 2019 that it had won its bankruptcy auction and would shrink and remain open with 425 stores.