Sears On Brink Of Bankruptcy, Report Says

Sears store in Garden City NY. REUTERS  Shannon StapletonMore

Sears Holdings shares lost almost a third of their value in early trading on Wednesday after a report said that the beleaguered retailer had hired advisers to prepare for a bankruptcy filing ahead of a debt payment deadline. Lampert and ESL are the company's two largest shareholders. Neither Sears nor M-III Partners returned requests for comment.

Sears faces US$134 million of debt maturing on October 15, and Lampert's ESL Investments said in a filing last month that the borrowings coming due were among those creating "significant near-term liquidity constraints" for the company. But if Sears is now in touch with banks to secure the financing needed for a bankruptcy filing, as CNBC reported Wednesday morning, that could send the surest signal yet that such a move may not be far off. The company is now $5.6 billion in debt.

In August, the board said it was weighing an offer from Lampert that Sears should sell its Kenmore brand and said ESL might offer to buy it if it was willing to sell. While much of his focus revolved around Sears' online presence, upkeep on physical stores has diminished.

Rumor: Microsoft is close to buying Obsidian Entertainment
The makers of Knights Of The Old Republic II and Pillars Of Eternity could soon belong to Microsoft , if the latest rumours are true.


Sears mentioned those constraints as part of a proposal it offered to sell real estate to help pay down borrowings, which would cut debt by almost 80 percent. Sears' acting spokesman, Howard Riefs, said Brathwaite had informed the retailer of his exit last month.

Matt Kopsky, an analyst at Edward Jones, noted that Sears has not turned a profit since 2010 and that it has already sold off a majority of its brands, including Craftsman tools.

Were Sears to liquidate, the remaining stores - which average roughly 140,000 square feet - would flood the market with "a lot of empty boxes", Kopsky said.

YEP says: Mental Health Campaign is only just beginning
It was great to see so numerous profession in attendance with enthusiasm to change the status quo. They're called peer programming", she said.


J.C. Penney's former CEO Marvin Ellison in 2016 positioned the Plano-based retailer to win shoppers from Sears as it closed stores by adding kitchen and laundry appliances to stores. When Toys "R" Us, the largest specialty toy retailer, filed for bankruptcy protection last September, it sought to emerge from it after restructuring its debt and shutting stores.

Larry Perkins, founder and CEO of consulting firm SierraConstellation Partners, told the Washington Post on Wednesday that Sears' hiring of bankruptcy experts "is not a sure sign by any means, but it's certainly a leading indicator" that bankruptcy could be on the horizon.

Sears, an icon of American retailing since the 19th century, has struggled to appeal to consumers in recent years, losing customers and financial strength in the process. "Maybe it's the phoenix rising from the ashes, but we'll see".

The Google Home Hub is a smart speaker with tablet interface
Plenty of details about the new smartphones have appeared online, although Google has sought to poke fun at the rumours. Google is tossing in six months of YouTube premium when you buy a Home Hub so that you have plenty of content to watch.


Related news:

Hot News

isis-killer-beheading-video-story-top Google kills bid for $10 billion Pentagon contract after employee protests
Oct 11, 2018 - 06:30
Sources told Gizmodo that Google Cloud CEO Diane Greene had characterised the issue as a major headache for management. The search giant has announced it will not submit a bid to win the multibillion-dollar contract with the U.S.

isis-killer-beheading-video-story-top Battle won, Brett Kavanaugh gets down to business
Oct 11, 2018 - 05:28
McConnell is also preparing for his own re-election in 2020 and, if he is successful, staying on as GOP leader. Heading into the November midterms, the GOP is defending its House and Senate majorities.

isis-killer-beheading-video-story-top Barkley returns for England, ready to live up to hopes
Oct 11, 2018 - 04:47
" I'm playing a little bit more and that's important to me because it's important to adapt on the pitch by playing matches ". I watched them play against Southampton at the weekend and it was like men against boys.

isis-killer-beheading-video-story-top Minnesota Children Diagnosed With Rare 'Polio-Like' Illness
Oct 11, 2018 - 04:12
Additionally, the CDC has found a possible link between an increase in a respiratory virus and an increase of AFM. And there are other diseases that mimic the symptoms, such as West Nile virus and Guillain Barre syndrome.

isis-killer-beheading-video-story-top Stephen King Pet Sematary trailer here to fur-eak you out
Oct 11, 2018 - 04:10
For who will be portarying these characters, it was announced that Jason Clarke and Amy Seimetz playing Louis and Rachel Creed. Based on the trailer above, this looks like it'll fit the bill nicely.

isis-killer-beheading-video-story-top Turkish media show images of writer’s ‘assassination squad’
Oct 11, 2018 - 04:04
Turkey's private NTV news channel identified one of the 15 Saudis who arrived as the head of a Saudi forensic science agency. US Vice President Mike Pence said on Wednesday the US was ready to help in any way in the investigation.

isis-killer-beheading-video-story-top Hurricane Michael makes landfall, heading to Mid-Atlantic coast
Oct 11, 2018 - 04:01
A National Ocean Service water level station at Apalachicola recently reported almost 6.5 feet of inundation above ground level. Forecasters also said a wind gust of 54 miles per hour (87 kph) was reported at Apalachicola Regional Airport.

isis-killer-beheading-video-story-top Prince William Makes a Corny Dad Joke at Kate Middleton's Expense
Oct 11, 2018 - 03:45
However, proving that even princesses have off-days, we have to say we're not too sure about her latest attire. The initiative was started by Dixon Chibanda and teaches the women to become lay health workers.

isis-killer-beheading-video-story-top This is now the world’s most powerful passport for travel freedom
Oct 11, 2018 - 03:17
While Chinese nationals got access to two new areas visa-free or visa-on-arrival, it still slide down tow places to just 71st. The Philippine passport ranked 75th in the latest world's most powerful passport list according to a global ranking body.

isis-killer-beheading-video-story-top Republicans enjoy 'Brett boost' after Supreme Court win dents Democrats' poll surge
Oct 11, 2018 - 01:47
While their chances in the House are still seen as good, Republicans are feeling better about the upper chamber. Fifty-two percent said they believed the women versus 38 percent who said found Kavanaugh most credible.

isis-killer-beheading-video-story-top PlayStation Network will finally let you change your old screen name
Oct 11, 2018 - 01:32
It will also be compatible with a "large majority" of "the most played PS4 games that were released before this date". The first time PSN users change their Online ID it will be free but after that PSN users will charged.

isis-killer-beheading-video-story-top Roles of ideas and climate in growth earn duo economics Nobel prize
Oct 10, 2018 - 15:30
Nordhaus, 77, was specifically honored for "integrating climate change into long-run macroeconomic analysis". He said "Nordhaus has been concerned all along with repairing the damage" to the environment.

isis-killer-beheading-video-story-top Black Ops 4's day-one patch is a whopping 50 GB
Oct 10, 2018 - 13:45
You still won't be able to play the game until midnight, mind, but at least you'll be able to bang out the download beforehand. This patch is already available for the digital version so only retail copies will be affected by this change.

isis-killer-beheading-video-story-top Google's Leaked Reasons for Not Announcing Mass User Data Breach
Oct 10, 2018 - 13:32
Google+ will shut down for consumers at the end of next August, giving users time to download or transfer their data. Up to 496,951 users could have been affected, and up to 438 apps could have accessed the data.

isis-killer-beheading-video-story-top Man Held In Probe Into Bulgarian Journalist's 'Grisly' Killing
Oct 10, 2018 - 11:21
According to the Reporters Without Borders world press freedom index, Bulgaria ranks lower than other European Union member. Bivol.bg owner Asen Yordanov told AFP that "Viktoria's death, the brutal manner in which she was killed, is an execution".