New York( CNN Business) The handwriting is on the wall: Sears appears to be nearing bankruptcy.
Despite years of damages, storage closings and other financial troubles at Sears, “the possibility of a insolvency does seem to be higher than over the past couple of years, ” said Robert Schulz, manager credit psychoanalyst for the retail industry for Standard& Poor’s. He said earlier developments in the situation did not have the “sense of urgency” that exists now.
Sears Holdings, the mother company of Sears and Kmart, faces an October 15 deadline to salary $134 million on its indebtednes. CEO and primary shareholder Eddie Lampert told the company’s board that it was crucial it restructure more than$ 5 billion it owes “without delay, ” according to a recent regulatory filing.