Publicado: Jue, Octubre 11, 2018
Financiera | Por Marilu Caballero

Sears appears to be preparing for a long expected bankruptcy filing

Sears appears to be preparing for a long expected bankruptcy filing

The committee has been resisting the plan amid concerns that creditors and shareholders would sue over it being too favorable for Lampert. Neither Sears nor M-III Partners immediately returned requests for comment.

He writes that Sears occupies a significant amount of space, but that about three-quarters of its stores are outside the U.S.'s Top 50 markets, so while many landlords rent space to the retailer, that exposure is relatively small. The company is now $5.6 billion in debt.

The Wall Street Journal reported late Tuesday that Sears hired boutique advisory firm M-III Partners LLC to help prepare a bankruptcy filing before a $134 million debt payment comes due on Monday, citing people familiar with the matter.

Sears shares were down 31 per cent at 40.5 cents in afternoon trading in NY, giving the company a market capitalization of $40 million. Sears Canada declared bankruptcy past year. Edward Lampert, the hedge-fund manager who is Sears's chairman, chief executive, largest shareholder and biggest creditor, could rescue the company, as he has done in the past by making the payment.

However, Lampert wants to restructure the debt without filing for bankruptcy protection, because he views bankruptcy as risky for retailers, the Journal said. It could attempt to emerge as a profitable company. In just the last few years RadioShack, Toys "R" Us and Sports Authority have all followed the path to the retailer graveyard.

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After years of store closures, Sears, once the world's largest retailer, could be just days away from facing bankruptcy.

Sears and Kmart merged to form Sears Holdings in 2005 when they had 3,500 USA stores between them.

In July, Sears closed its last store in Chicago, once its hometown.

The 125-year-old company, which has not turned a profit since 2010, has approached several banks to prepare for a bankruptcy filing, according to CNBC.

If Sears were to file for bankruptcy, its financial performance during the upcoming holiday season could prove crucial in determining its future, according to the sources.

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