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October 11, 2018

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Sears in trouble: report

Sears Holdings Corp shares lost nearly a third of their value in early trading yesterday, after a report said that the beleaguered retailer had hired advisers to prepare for a bankruptcy filing ahead of a debt payment deadline.

The Wall Street Journal late on Tuesday said the iconic retail brand had hired boutique advisory firm M-III Partners LLC to help it prepare a filing before a US$134 million debt payment becomes due next Monday, citing people familiar with the matter.

Sears had no comment on the report, which also said that the company’s billionaire chief executive officer Eddie Lampert, who has rescued the company in the past, could make the payment to avert an in-court restructuring.


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