Sears preparing to file for bankruptcy as early as Friday: sources

Business

NEW YORK (Reuters) – Sears Holdings Corp (SHLD.O) is preparing to file for Chapter 11 bankruptcy protection as early as Friday, sources said on Wednesday.

FILE PHOTO: A Sears department store is shown in El Cajon, California, U.S., August 8, 2017. REUTERS/Mike Blake/File Photo

Negotiations between Sears Chief Executive Eddie Lampert and Sears’ special board committee are at a standstill over the committee’s refusal to approve Lampert’s rescue plan, the sources said.

Reporting By Nick Zieminski in New York; Editing by Chizu Nomiyama

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