Sears is filing for bankruptcy

October 10, 2018 - By Justin Balkhi

According to the latest reports, Sears is going to proclaim it bankrupt until the end of the week. Well, it will be the hardest moment for Sears CEO Eddie Lampert, who was trying very hard to avoid this situation. For years he tried to delay this moment by stripping out assets.

In 2018 year, Lampert pushed forward a proposal on restructuring through ESL Investments, his own hedge fund.

According to the report from Wall Street Journal, Sears is planning to publish its bankruptcy statement not later than this week. They received the information from a source which is close to the situation inside the company.

Journalists found out that Sears hired specialists in bankruptcy filing M-III Partners to help them with documents.

The company has already worked with Sears for over 2 years, confirms the source of the Wall Street Journal. On Tuesday this person told the press how the current situation in Sears looks like. The information is still confidential, and source asked to remain anonymous.

According to it, Sears tried different advisors for the last years, and one of them is Lazard.

News from the company says that it has 134 million dollars in debt until the 15th of October, and the company warns that they may possibly not meet it.

Neither Sears nor M III itself was reachable for making comments to journalists. Lampert owns 31 percent of shares in the company. He tried to save it for years and risked his money to reach the goal.

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