October 10, 2018 / 2:34 AM / in 7 months

Sears hires M-III Partners for bankruptcy filing - WSJ

Oct 9 (Reuters) - Sears Holdings Corp has hired M-III Partners LLC to prepare a bankruptcy filing that could come ahead of next week’s debt payment, the Wall street Journal reported on Tuesday, citing people familiar with the situation.

M-III Partners, a boutique advisory firm, has been working on the potential filing in the past few weeks and Sears continues to discuss other options and could still avert an in-court restructuring, the newspaper said here citing sources.

In recent decades, Sears, which was the world’s largest retailer in the 1960s, has struggled in the face of declining foot traffic at its brick-and-mortar stores. (Reporting by Rishika Chatterjee in Bengaluru; Editing by Gopakumar Warrier)

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