Sears, the one-time titan of American retail, is expected to file for bankruptcy early Monday morning US time ahead of a $US134 million ($190 million) debt payment.
For years, Sears has contended with the threat that it would become the latest big-name retailer to fall to online competition and crushing debt. The icon once known for its pristine catalogues and more recently known for decrepit showrooms and a controversial chief executive saw its stock price plunge last week after reports that it had hired an advisory firm to prepare a bankruptcy filing ahead of the October 15 payment.
A person familiar with the negotiations told The Washington Post late Sunday evening that the filing was expected after midnight on Monday, though negotiat…
Read the full article at: https://thewest.com.au/business/retail/once-mighty-us-retail-empire-sears-on-edge-of-bankruptcy-ng-b88991329z