With few seeing second act for Sears, company shares routed

Business
Sears The End_362596

FILE – In this Wednesday, Feb. 8, 2017, file photo, shoppers walk into a Sears store in Pittsburgh. Sears said that there is “substantial doubt” that it will be able to remain in business. The company, which runs Kmart and its namesake stores, has struggled for years with weak sales. (AP Photo/Gene J. Puskar, File)

NEW YORK (AP) — 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.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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