Sears May File for Bankruptcy

Sears May File for Bankruptcy

Sears could potentially file for bankruptcy as early as this week, having reached a debt mountain they may not be able to climb.

Per a CNBC article, the 125-year-old company has a whopping $134 million debt payment due on Monday, and despite its CEO and largest shareholder, Eddie Lampert, attempting to keep the downfall of Sears Holdings at bay by selling off assets in the recent past, it looks like that last ditch effort may not have been enough.

Sears has also closed several hundred stores, according to USA Today, including Sears full-line department stores and Kmart stores, yet it does not seem to be enough to cover such a huge debt and keep their brand afloat.

As stock prices were also down to a mere 40 cents a share today in pre-market trading, the outlook does not seem promising that Sears can stave off debt collectors that will come a-knocking on Monday.

With Black Friday looming and the ad scans beginning to roll in for most stores, a bankruptcy would put an abrupt halt to those plans for Sears and Kmart stores, changing their big Black Friday 2018 sales to liquidation and store-closing sell-offs.

As things are still currently up in the air, continue to check out BFAds news and happenings for the up-to-the-minute details as the Sears bankruptcy saga unfolds.

Thanks for Visiting and Tell Your Friends!

Posted by link
blog comments powered by Disqus

Back to Top
x

Log Into Your BFAds Account

Remember Me