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Sears sells Craftsman brand

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Sears’ lenders encourage liquidation rather than reorganization

The Wall Street Journal  /  October 11, 2018

Sears Holdings Corp. met with its lenders Wednesday night to discuss emergency financing for the embattled retailer. The meeting ended without an agreement that would keep Sears operating as a going concern.

A group of lenders, including Bank of America, Wells Fargo and Citigroup are pushing for the company to liquidate its assets under a chapter 7 bankruptcy filing, as opposed to reorganizing the business under chapter 11,

A bankruptcy filing is expected by Monday when Sears must repay $134 million in loans. The situation is fluid…..Sears could still find another source of capital to prop it up through a restructuring.

Sears hired advisory firm M-III Partners to prepare a bankruptcy filing.

The company, which had 866 Sears and Kmart stores as of Aug. 4, has been unprofitable for seven straight years.

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It might be to late to order more Teflon-coated Craftsman coveralls now.

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