Sears to ask bankruptcy judge for approval to liquidate | Reuters


Should Sears liquidate its assets, it would become one of the most high-profile victim in the wave of bankruptcies that has swept the retail sector in the last few years, as the popularity of online shopping exacerbates the fierce price competition facing brick-and-mortar stores.

Sears, which filed for bankruptcy protection last October, may have to close hundreds of stores it is still operating, potentially putting up to 68,000 people out of work, the sources said.

Its vast inventories of tools, appliances and store fixtures will be sold in fire sales, the sources added.

Source: Exclusive: Sears to ask bankruptcy judge for approval to liquidate – sources | Reuters

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