Sears May Be Preparing to File for Bankruptcy This Week
Multiple new sources are reporting that the long anticipated bankruptcy filing for Sears Holding may happen this week.
A $134 million dollar debt payment due this coming Monday may force the company into bankruptcy. On Tuesday Sears announced that The CEO of Drivetrain, an advisory firm for distressed companies had joined its Board. Sears Holding operates approximately 500 Sears and 360 Kmart stores.
While in the past Sears’ CEO Eddie Lampert has provided funding from his own hedge fund, ESL Investments, to keep the company afloat, CNBC reports that Sears has contacted financiers to secured potential financing to keep it afloat in bankruptcy.
If you have a Sears lease or have outstanding Sears receivables, it is important to know your rights.