Crains is reporting this morning that Sears has hired bankruptcy advisors and could file in the next couple of days:
[S]taffers of the advisory firm, New York-based M-III Partners, have been observed at the troubled retailer's Hoffman Estates headquarters in recent days. Sears, meanwhile, continues to evaluate other options that could still avert a trip to Bankruptcy Court.
Separately, Sears added restructuring expert Alan Carr to its board of directors as the company faces critical debt repayments and looks to overhaul its borrowings, the company said earlier today.
Carr is CEO of restructuring advisory firm Drivetrain and has over 20 years of experience with financially distressed companies as both an investor and an adviser, according his firm’s website. Before his current role, he was a distressed-debt and private equity investor at Strategic Value Partners.
Thank you, Eddie. You've done a man's job killing one of Chicago's oldest brands.