Sears May File For Bankruptcy As Debt Payment Looms
Sears Holdings is teetering on the edge of bankruptcy. The retailer faces a daunting $134 million debt payment due Monday that looms increasingly large since the company has so far failed to work out a deal with CEO and largest shareholder Eddie Lampert to restructure its debts and sell more assets. With heavy losses mounting, it may not have enough to make that payment on time. Now, the company is working with advisers to prepare a potential bankruptcy filing as early as this week, according to the Wall Street Journal and CNBC. CNBC also reported Sears contacted financiers to secure potential financing to operate in bankruptcy. Sears did not immediately respond to requests seeking comment. ESL Investments, Lampert’s hedge fund, declined to comment. Read more at USA Today.
