Sears Holdings is preparing to file for Chapter 11 bankruptcy protection as early as Oct. 12, sources said on Oct. 10, casting doubt over the future of what was once the world’s largest retailer and sending its shares to a record low.
Negotiations between Sears Chief Executive Officer Eddie Lampert and the company’s special board committee are at a standstill over the committee’s refusal to approve Lampert’s rescue plan, the sources said. The committee is concerned it will be opening the company up to litigation, one source said.
