Sears was at one point America's largest retailer and its largest employer.
Lampert, who is Sears's chairman, chief executive, largest shareholder and biggest creditor, doesn't plan to lend the company money to repay $134 million in debt due Monday, people familiar with the matter told Dow Jones Newswires.
Just two weeks after unveiling an unorthodox debt-reduction plan and on the same day that it added a restructuring specialist to its corporate board comes word via the Wall Street Journal that Sears Holdings has hired a boutique advisory firm to craft a bankruptcy plan that could be filed as early as this week.
Sears Holdings shares lost almost a third of their value in early trading on Wednesday after a report said that the beleaguered retailer had hired advisers to prepare for a bankruptcy filing ahead of a debt payment deadline.
Sears shares are down 35 percent this morning and trading at 38 cents a share. Those include Sears Home Services and the company's flagship Kenmore brand, which Lampert offered to purchase in August for $400 million.
Last month, ESL Investment, the hedge fund owned by Lampert, urged the retailer to sell $1.5 billion more in real estate and restructure $1.1 billion in debt to avoid bankruptcy, according to the filing with the Securities and Exchange Commission. While much of his focus revolved around Sears' online presence, upkeep on physical stores has diminished.
Swiss economy predicted to grow 3% by end of year
Lagarde said central bank rate increases such as those by the policy-setting US Federal Reserve were justified by fundamentals. Lagarde told reporters the Fed's rate hikes were justified by fundamentals.
ISS: Space rocket declares emergency after launch - astronauts parachute out
Roscosmos cosmonaut Alexey Ovchinin and NASA astronaut Nick Hague walk prior to the launch of the Soyuz MS-10 spacecraft. NASA said search and rescue crews were en route to the projected landing site, expecting to arrive in about 90 minutes.
Complaints filed against Brett Kavanaugh are transferred to Colorado court for handling
None of the witnesses the women said would corroborate their claims did so, and Kavanaugh passionately denied the allegations. Fox News personality Bret Baier on Wednesday reported that U.S.
It looks like Eddie Lampert will not be coming in to rescue Sears. Lampert and his hedge fund own about 50 percent of Sears.
Lampert's efforts to keep Sears out of bankruptcy have included shedding hundreds of unprofitable stores: Sears and Kmart had some 3,500 locations when they merged under Lampert in 2005; now there are about 900 nationwide. That kind of liquidation would be especially hard for lower-tier malls and shopping centers hard-pressed to find tenants in low-demand areas.
The handwriting is on the wall: Sears appears to be nearing bankruptcy.
Larry Perkins, founder and chief executive of SierraConstellation Partners, a firm that advises companies going through bankruptcies and other transitions, said that Sears bringing in bankruptcy advisers "is not a sure sign by any means, but it's certainly a leading indicator".
"This has been the slowest moving train wreck happening for literally years", Perkins added.
"It's sad, it's really sad to see the end of an era", Perkins said.