Sears Hires Advisers for Bankruptcy Filing Ahead of Debt Payment
Sears warns it could go out of business
Debt-laden retailer Sears Holdings Corp has hired advisers to prepare for a possible bankruptcy that could come ahead of a debt payment due next week, the Wall Street Journal reported on Tuesday, citing sources.
M-III Partners LLC, a boutique advisory firm, has been working on the potential filing in the past few weeks and Sears continues to discuss other options and could still avert an in-court restructuring, the newspaper said, citing people familiar with the situation.
Sears, which has been losing money for years, has $134 million in debt due on Monday.
Please select this link to read the complete article from The New York Times.