The 125 Year Old Sears Store Will Formally Apply For Bankruptcy.

Although it was said that there was an agreement with bankers on Friday to ensure that there were a few shops that could be opened in the holiday season, Sears store, Sears Holdings Inc. NASDAQ:SHLD of the US Department store chain, was finally doomed to bankruptcy.

Sears's department plans to formally submit the Chapter 11 document on Sunday, announcing the bankruptcy reorganization. According to the sources, the bankruptcy documents will reduce the store's weight, the company will close at least 150 of the more than 700 stores, and at the same time retain at least 300, and the fate of the other 250 stores will be decided by the renewing negotiations with the landlord.

As the largest shareholder and creditor of Sears's department store, Eddie Lampert hopes that the auction of the bankruptcy court can get some fundraising through bidding for the appliance brand Kenmore Kenmore and home service business, which is said to be worth 1 billion 750 million US dollars.

Starting from Wednesday,

Weil Gotshal & Manges LLP has been working with a banker in New York's office.

On Friday, a consortium of Bank of America Corp., Wells, Fargo, Co., rich and Citigroup Inc., was allegedly committed to provide us $500 million DIP loan to maintain the ongoing holiday season operation.

However, some sources said that the loan may eventually be only 400 million dollars or less.

Bankers' support boosted the stock price of Sears Department on Friday. The company jumped 18.97% on Friday in the US stock market to close at $0.407, the market value was $44 million 360 thousand, and Wednesday and Thursday fell 16.83% and 29.70% respectively in the news of bankruptcy.

The Group Chairman and chief executive officer, Eddie Lampert, currently holds about 31% of Sears's stock in his personal capacity. His fund, ESL Investments Inc., holds about 19% of Sears's stock, while the group has a total of 2 billion 500 million dollars in arrears.

It is reported that in the DIP financing, Eddie Lampert will not provide any more money, but it will reduce some of the debts of Sears department store.

Because Sears's department may submit the Chapter 11 document tonight, it means that the bankruptcy court will be formally heard on Monday.

After President and CEO Eddie Lampert's hedge fund ESL Investments Inc. saved many times, the United States Department Store Sears Holdings Inc. (NASDAQ:SHLD) Sears department store will eventually be unable to escape the fate of bankruptcy.

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"The first to quote the news that the group has hired M-III Partners LLC, the best consulting firm, to prepare for bankruptcy this weekend.

At the same time, Sears Holdings Inc. Sears group also announced the appointment of Restructuring Expert Alan Carr as a new independent director.

Sears Holdings Inc. (NASDAQ:SHLD) fell by 39.4% in the middle of Wednesday, and it was 0.3545 dollars lower.

The group's $134 million loan is due to expire on October 15th (next Monday), and its cash and cash equivalents are about $193 million as at August 4th.

ESL Investments Inc. said in a notice in late September that the loan is a major short-term liquidity constraint in the Sears Holdings Inc. Sears group. The two sides are closely seeking to repay their debts through the sale of property assets and are expected to reduce their liabilities from $5 billion 600 million to $1 billion 200 million to $1 billion 200 million.

The 125 year old Sears Holdings Inc. Sears group has been struggling for ten years of shrinking sales and huge losses. Since 2011, its losses have totaled more than $11 billion, and sales have also dropped 60% in six years.

Eddie Lampert, the largest shareholder and creditor in the past ten years, has been pulling the group back from the precipice.

Analysts say the group needs more than $1 billion a year to run.

Eddie Lampert's ESL Investments Inc. actively promotes Sears Holdings Inc. Sears group to carry out a broader restructuring.

The group, once the largest retailer in the world, has cut more than $1 billion in spending by shutting down a large number of Sears Sears stores and Kmart hypermarket supermarkets. Eddie Lampert has also proposed the sale of $1 billion 500 million in real estate properties and the proposal to include $1 billion 750 million worth of assets, including home appliance brand Kenmore.

Analysts criticized him for not being willing to invest in upgrading the old Sears department store to improve competitiveness fundamentally.

The market will only mention Walmart Inc. NYSE:WMT (NYSE:WMT) WAL-MART, Target Corp. (NYSE:TGT) and DollarGeneral Corp. (NYSE:DG).

People familiar with the matter said that because of the financial performance of Sears Holdings Inc. Sears group, the restructuring plan of Eddie Lampert will not be supported by other creditors. At least, the special committee within the group will resist the proposal.

Now the two sides have reached agreement that only bankruptcy reorganization supervised by the court can give way to the group.

However, no one can guarantee that the way out is bright.

In September 2017, according to the United States

In the eleventh chapter, the toy retailer Toys "R" Us Inc., toys and anti City, which applied for bankruptcy and reorganization, ended up clearing in March this year because creditors refused to inject new funds. The three generation of Americans' childhood fun can only be left in memory.

Other examples include sporting goods group Sports Authority Inc.

CNBC said Sears Holdings Inc. Sears group is urgently raising DIP (debtor-in-process) loan to support normal business during the bankruptcy reorganization period.

According to the news, the upcoming holiday season is a matter of life and death for Sears Holdings Inc. Sears group. Toys' R 'Us Inc. Inc. toy anti City creditors lose confidence in seeing last year's disappointing data in the holiday season.

Eddie Lampert holds approximately 31% of the Sears Holdings Inc. Sears group in its personal capacity, and ESL Investments Inc. Inc. shares another 19%, while the group owed 2 billion 500 million dollars in arrears.

Eddie Lampert bought a large amount of debt during the bankruptcy reorganization of the Kmart supermarket in 2002-2003, and gained the controlling power after the retailer went out of bankruptcy.

In 2005, Kmart Holdings Corp. purchased Sears Roebuck & Co. for us $11 billion to form the Sears Holdings Inc. Sears group.

The clothing retailer Lands End Inc. (NASDAQ:LE) was split from the group in 2014. Eddie Lampert is also the largest shareholder of Lands End Inc.. In 2015, Real Estate Company's Seritage Growth Growth (c)) bought $235 of the best location in the group for $2 billion 700 million.

Analysts pointed out that although Sears Holdings Inc. Sears group's huge losses and Eddie Lampert Lampert continue to enrich the blood, a series of pactions made it difficult for him to judge whether he was making a profit.

Critics say he used the group dilemma to deprive him of assets, and people familiar with Eddie Lampert thought that he had been selling assets for the Sears Holdings Inc. Sears group blood pfusion.

By the end of the 2017 fiscal year in February 3, 2018, the total number of stores in Sears Holdings Inc. Sears group was 1002, a net decrease of 3000 stores at the end of fiscal 2011.

Even though Sears Holdings Inc. (NASDAQ:SHLD) fell close to 16.8% on Wednesday, at $0.48866, its market capitalization was still only about $53 million.

Warren Shoulberg Shoulberg, a senior retail author of Fortune magazine, ridicules, and now buys the Sears Holdings Inc. (NASDAQ:SHLD) Sears group and the same bogged J.C. Penney Co. Inc. NYSE:JCP (NYSE:JCP) Penny department store, which costs only $592 million.

Just eleven and a half years ago, Sears Holdings Inc. (NASDAQ:SHLD) had hit a record high of $144. It fell below 1 US dollars in September this year, and the stock has fallen 92.2% over the past year.