WSJ: Sears Prepares For Bankruptcy Filing

(RTTNews) - As per an article published in The Wall Street Journal, Sears Holdings Corp. (SHLD) has hired advisers to prepare for a potential bankruptcy filing. Reportedly, the company is also considering other options. Sears faces significant near-term liquidity constraints, including a $134 million maturity for second Lien Notes due October 15 2018.

On Tuesday, Sears announced that Alan J. Carr, Managing Member and CEO of Drivetrain, LLC, has joined its Board of Directors. Carr has significant experience as a principal, investor and advisor leading complex financial restructurings, as well as serving as a director of reorganized businesses in the U.S. and Europe.

Edward Lampert, CEO of Sears, said: "Alan brings deep experience as a director for companies that went through complex organizational change. We are pleased to welcome him to the Board and look forward to the benefit of his expertise as we work to maximize value for the company and its stakeholders."

On September 24, the hedge fund owned by Sears Holdings CEO Edward Lampert, ESL Investments, proposed restructuring Sears to help stave off bankruptcy.