Sears may file for bankruptcy as debt payment looms, reports say

posted by Dennis Elliott - 

Sears Holdings is teetering on the edge of bankruptcy.

The retailer faces a daunting $134 million debt payment due Monday that looms increasingly large since the company has so far failed to work out a deal with CEO and largest shareholder Eddie Lampert to restructure its debts and sell more assets.

With heavy losses mounting, it may not have enough to make that payment on time.

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