Sears in trou­ble: re­port

Shanghai Daily - - BUSINESS - RE­TAIL (Reuters)

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.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.