With few seeing second act for Sears, company shares routed

FILE - In this July 21, 2018 file photo the outdoor sign stands in the parking lot of a Sears department store in Saint Paul, Minn. Shares of Sears Holdings continue falling, Thursday, Oct. 11, as the former retail behemoth moves closer to possibly joining a growing list of competitors that have filed for bankruptcy. The Wall Street Journal is reporting that the company is being pushed by a group of lenders to liquidate assets instead of reorganizing the business. The report comes a day after the company shed 30 percent of its already diminished stock value. (AP Photo/David Zalubowski)

NEW YORK — Sears is being pummeled before the opening bell on a report that banks are pushing the 130-year-old retailer to liquidate.

The report Thursday in The Wall Street Journal comes one day after stock in Sears Holdings Corp. tumbled 30 percent.

Shares, which have fallen 86 percent this year, tumbled another 15 percent in premarket trading. The company's stock fell below $1 this month with few seeing a second act for the company that revolutionized how American shop.

Only a quarter of the 4,000 stores operating just six years ago still have the lights on and a significant debt repayment is looming. CEO and chairman Eddie Lampert, who owns 31 percent of outstanding shares, appears to be unwilling to extend another lifeline.

People also read these

Complexity makes airline computer systems...

Aug 8, 2016

As airline IT get more complex and automated, breakdowns become increasingly common

Rowing canceled as skies darken over Rio Olympics

Aug 10, 2016

Rowers packed up their oars for the day while cyclists hit slippery roads on skinny time-trial...

Study finds ship noise disrupting humpback whale...

Aug 10, 2016

A study has found that noise from shipping in North Atlantic waters is impacting the feeding...

Colbert to air live after Trump-Clinton...

Aug 10, 2016

Stephen Colbert, who capitalized on the political conventions with live broadcasts, will do the...

Missing weapons among police calls involving...

Aug 10, 2016

A man charged with killing two Georgia teenagers was identified as the suspect in the theft of a...

About Us

The World Insiders brings you exclusive coverage from across the globe in a timely, easy to consume format sourced directly from our regional media partners.

Contact us: sales[at]theworldinsiders.com

Subscribe Now!