Sears on the Verge of Bankruptcy

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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.

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