>> Sears is laying the groundwork for a bankruptcy. Sources telling Reuters Wednesday that the struggling US retailer could file as early as Friday. The bankruptcy filing would end a standoff between CEO Eddie Lampert and a special board committee the company formed to consider a rescue plan that would have involved asset sales and a debts restructuring.
Reuters correspondent Harry Brumpton.>> So, there has been plans put forward by Eddy last month, I believe, to offload about 1.5 billion in real estate, and another 1.75, or something like that, in other assets there in the Camel brand, and the home services kind of division. So that was meant to kind staunch some of the looming debt pile that they had that added up to nearly 5 billion.
So it was a plan to really reduce the debt load to a more manageable level, buy the company sometime to hopefully return to profitability. But, you know, it's been years and years of straight sales declines, and straining profitability, and basically, I think the creditors have kind of had enough and said, yeah, no more, we've agreed to disagree, now it's going to a bankruptcy judge to decide the future.
>> At stake for Sears, which also owns Kmart, is more than 900 stores, nearly 90,000 employees, and it's legacy as once the world's largest retailer.>> A decline in a company that's had a once very proud history. It was the Amazon of it's era, essentially.>> Investors seem to be losing hope.
Shares of Sears Wednesday plunged 30% to a record low. The stock, which traded above $100 a decade ago, now trade for less than a dollar a share.