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| Version 1 | Version 2 |
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| Sears shares at record low as retailer prepares to file for bankruptcy | Sears shares at record low as retailer prepares to file for bankruptcy |
| (about 2 months later) | |
| Sears is preparing to file for bankruptcy protection in the coming days, sources said on Wednesday, casting doubt over the future of what was once the world’s largest retailer and sending its shares to a record low. | Sears is preparing to file for bankruptcy protection in the coming days, sources said on Wednesday, casting doubt over the future of what was once the world’s largest retailer and sending its shares to a record low. |
| The bankruptcy filing would end a standoff between the chief executive officer, Eddie Lampert, the retailer’s biggest shareholder and lender, and a special board committee the company has formed to consider a rescue plan that would involve asset sales and a debt restructuring. | The bankruptcy filing would end a standoff between the chief executive officer, Eddie Lampert, the retailer’s biggest shareholder and lender, and a special board committee the company has formed to consider a rescue plan that would involve asset sales and a debt restructuring. |
| 'It's like the death of a loved one': as stores close, retail workers lose out to big tech | 'It's like the death of a loved one': as stores close, retail workers lose out to big tech |
| The committee has been resisting the plan amid concerns that creditors and shareholders would sue over it being too favorable for Lampert. | The committee has been resisting the plan amid concerns that creditors and shareholders would sue over it being too favorable for Lampert. |
| Both Lampert and the Sears special committee now accept that only a court-supervised process can determine the company’s future, one source said. Talks are under way to arrange debtor-in-possession financing for a bankruptcy filing that could come in the next few days, the source added. | Both Lampert and the Sears special committee now accept that only a court-supervised process can determine the company’s future, one source said. Talks are under way to arrange debtor-in-possession financing for a bankruptcy filing that could come in the next few days, the source added. |
| The world’s largest retailer in the 1960s, Sears sold everything from toys and auto parts to mail-order homes and was a key tenant in almost every big mall across the US. It has suffered in the last decade because it did not specialize and was overtaken by online competition from Amazon and other retailers. | The world’s largest retailer in the 1960s, Sears sold everything from toys and auto parts to mail-order homes and was a key tenant in almost every big mall across the US. It has suffered in the last decade because it did not specialize and was overtaken by online competition from Amazon and other retailers. |
| Sears shares were down 31% at 40.5 cents in afternoon trading in New York, giving the company a market capitalization of $40m. The stock, which traded above $100 a decade ago, has fallen to less than $1 in the past year. | Sears shares were down 31% at 40.5 cents in afternoon trading in New York, giving the company a market capitalization of $40m. The stock, which traded above $100 a decade ago, has fallen to less than $1 in the past year. |
| It warned in September for a second time that it could go out of business, hurt by falling foot traffic at its bricks-and-mortar stores as customers shift online. | It warned in September for a second time that it could go out of business, hurt by falling foot traffic at its bricks-and-mortar stores as customers shift online. |
| The Wall Street Journal reported late on Tuesday that Sears hired the boutique advisory firm M-III Partners LLC to help prepare a bankruptcy filing before a $134m debt payment comes due on Monday, citing people familiar with the matter. | The Wall Street Journal reported late on Tuesday that Sears hired the boutique advisory firm M-III Partners LLC to help prepare a bankruptcy filing before a $134m debt payment comes due on Monday, citing people familiar with the matter. |
| The Hoffman Estates, Illinois-based retailer has posted seven straight years of losses and its sales have not grown since the 2008 financial crisis. | The Hoffman Estates, Illinois-based retailer has posted seven straight years of losses and its sales have not grown since the 2008 financial crisis. |
| Lampert, who also owns the hedge fund ESL Investment Inc, proposed deals to reduce the company’s debt load to $1.2bn from $5.6bn in September. Lampert and ESL are the company’s two largest shareholders. | Lampert, who also owns the hedge fund ESL Investment Inc, proposed deals to reduce the company’s debt load to $1.2bn from $5.6bn in September. Lampert and ESL are the company’s two largest shareholders. |
| The rural New York town fighting to keep Amazon – and its promised jobs – out | The rural New York town fighting to keep Amazon – and its promised jobs – out |
| The Sears special committee had been weighing a prior offer from Lampert to acquire the retailer’s Kenmore appliances brand and its home services business for as much as $480m. | The Sears special committee had been weighing a prior offer from Lampert to acquire the retailer’s Kenmore appliances brand and its home services business for as much as $480m. |
| In May, Sears said it planned to shut 72 locations by the end of the third quarter to stem losses in the face of deepening financial distress. | In May, Sears said it planned to shut 72 locations by the end of the third quarter to stem losses in the face of deepening financial distress. |
| In another attempt to avoid bankruptcy, Sears last year sold its Craftsman tool brand to power tool maker Stanley Black & Decker for $900m. | In another attempt to avoid bankruptcy, Sears last year sold its Craftsman tool brand to power tool maker Stanley Black & Decker for $900m. |
| Sears acquired discount chain Kmart in an $11bn deal engineered by Lampert in 2004. | Sears acquired discount chain Kmart in an $11bn deal engineered by Lampert in 2004. |
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