The 125-year-old Sears department store chain is preparing to file for bankruptcy.
CNBC reported Wednesday the company is contacting banks to arrange for the financing needed to file for bankruptcy. The company’s stock sunk 32 percent before markets opened Wednesday, CNBC said.
The struggling company added a restructuring specialist to its board in recent days. Sears Holdings has shut Sears and Kmart stores nationwide over the past several years, and sold off brands such as Craftsman.
The chain was last profitable in 2010.