US retailer Sears says it has begun voluntary bankruptcy proceedings there.

The company says its Sears and Kmart stores - as well as online and mobile platforms - will remain open for business during the Chapter 11 process.

In a statement, Sears says it wants to establish "a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term."

The bankruptcy filing has been made in the southern district of New York.

The company adds that it expects to move through the restructuring process "as expeditiously as possible".

It says it "intends to continue payment" of employee wages and benefits, honour member programs, and pay vendors and suppliers.

Edward S Lampert is chairman of Sears Holdings.

He says: "Over the last several years, we have worked hard to transform our business and unlock the value of our assets.

"While we have made progress, the plan has yet to deliver the results we have desired, and addressing the company's immediate liquidity needs has impacted our efforts to become a profitable and more competitive retailer.

The Willis Tower, also known as The Sears Tower, in Chicago | Image: John Walton/EMPICS Sport

"The Chapter 11 process will give holdings the flexibility to strengthen its balance sheet, enabling the company to accelerate its strategic transformation, continue right sizing its operating model, and return to profitability.

"Our goal is to achieve a comprehensive restructuring as efficiently as possible, working closely with our creditors and other debtholders, and be better positioned to execute on our strategy and key priorities."

The company is the largest provider of home services in the US, with more than 14 million service and installation calls made annually.

Sears history as a retailer dates back to 1886, when Richard Sears began the RW Sears Watch Company in Minneapolis.

The 110-story Sears Tower became the world's tallest building at 1,454 feet when it was opened in 1973.

The building was re-named Willis Tower in 2009, after it was sold to British insurer Willis Group Holdings.

The original Sears, Roebuck and Co. developed a catalog business that sold dresses, toys and even build-it-yourself houses.

The New York Times has described the company as "an early version of Amazon".