Sears on the Verge of Bankruptcy

sears bankruptcy_1539205966933.jpg.jpg

Sears — which was at one point America’s largest retailer and its largest employer — appears to be nearing bankruptcy.

One of Sears’ major shareholders just dumped a chunk of his stock for pennies on his original investment.

The company also added a new director on Tuesday, who is familiar with bankruptcies and restructuring.

And reports circulated that the company is talking to advisers and banks in preparation for a bankruptcy filing.

Sears Holdings, the parent company of Sears and Kmart, has until October 15th to pay $134 million worth of debt.

And according to a recent regulatory filing, CEO Eddie Lampert told the company’s board it needs to restructure more than $5 bIllion dollars it owes “without delay.”

Sears Holdings stock plunged 30% in premarket trading Wednesday.

If Sears does file for bankruptcy, it could try to stay in business, using the court process to shed debt and unaffordable leases.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Don't Miss

More Don't Miss

Trending Stories