a group of people crossing a street in front of a car© Provided by Planck, LLC, d/b/a Patch Media

PITTSBURGH, PA - Sears, once America’s largest retailer, reportedly is preparing to file bankruptcy in anticipation of a $134 million debt payment due on Oct. 15 that it might not be able to make.


 

The company has hired advisers to prepare a potential bankruptcy filing as early as this week,the Wall Street Journal and CNBC reported. CNBC also reported Sears contacted lenders to secure potential financing to operate in bankruptcy.

A bankruptcy filing for the failing company, which also operates Kmart, could mean a significant restructuring with even more store closures or a full-scale liquidation such as the Bon Ton went through earlier this year.

Sears has just two southwestern Pennsylvania stores remaining, in Washington Crown Center in Washington and Westmoreland Mall in Greensburg. Sears has shuttered seven stores in the region in recent years: Ross Park Mall, South Hills Village and Robinson Town Center this year,

Clearview Mall in 2016, Pittsburgh Mills in 2015, Century III Mall in 2014 and Wilkins in 2013.

The company’s remaining Kmart stores are located in West View, McMurray, Shaler, Pleasant Hills, North Versailles, New Kensington and Leechburg.

Sears and Kmart had a total of 3,500 stores across the country when they merged in 2005. They now have a total of about 830.                                                                                                                                 http://www.msn.com/en-us/money/news/sears-reportedly-preparing-to-file-bankruptcy/ar-BBOcLSW