In This Article:
Oct 9 (Reuters) - Sears Holdings Corp has hired M-III Partners LLC to prepare a bankruptcy filing that could come ahead of next week's debt payment, the Wall street Journal reported on Tuesday, citing people familiar with the situation.
M-III Partners, a boutique advisory firm, has been working on the potential filing in the past few weeks and Sears continues to discuss other options and could still avert an in-court restructuring, the newspaper said https://www.wsj.com/articles/sears-hires-advisers-to-prepare-bankruptcy-filing-1539136189 citing sources.
In recent decades, Sears, which was the world's largest retailer in the 1960s, has struggled in the face of declining foot traffic at its brick-and-mortar stores. (Reporting by Rishika Chatterjee in Bengaluru; Editing by Gopakumar Warrier)