US store gi­ant Sears ‘close to Chap­ter 11’

The Daily Telegraph - Business - - Business -

Shares in US de­part­ment store Sears fell as much as 30pc on re­ports the re­tailer is close to fil­ing for Chap­ter 11 bank­ruptcy pro­tec­tion. The com­pany, once the world’s largest re­tailer, has been rapidly clos­ing stores and sell­ing prop­er­ties. It is fac­ing a debt pay­ment of $134m (£102m) at the start of next week, the Wall Street Jour­nal re­ported.

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