RE­TAIL: Sears moves closer to bank­ruptcy fil­ing

Milwaukee Journal Sentinel - - Business -

Sears is likely to an­nounce as soon as Sun­day that it will file for bank­ruptcy pro­tec­tion, with plans to push through the hol­i­day sea­son, then seek a buyer soon af­ter, says a per­son fa­mil­iar with the dis­cus­sions but not au­tho­rized to speak about them. The be­lea­guered re­tailer, which has stayed afloat by clos­ing stores and bor­row­ing hun­dreds of mil­lions of dol­lars from a hedge fund helmed by its own CEO, is lean­ing to­ward a Chap­ter 11 fil­ing, which would pro­vide it pro­tec­tion to re­struc­ture ver­sus hav­ing to im­me­di­ately liq­ui­date.

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