Sears, once the largest retailer in the world, will soon file for bankruptcy, according to multiple news outlets.
The company is $134 million in debt and hasn’t made a profit since 2010, CNBC reports. The retailer hired advisers to prepare for the filing, as Sears faces a major debt payment that is due Monday, according to the Wall Street Journal.
CEO Eddie Lampert, the company’s controlling shareholder, has made efforts to keep the company afloat over the past few years. His hedge fund, ESL Investments, purchased Sears’ appliance brand Kenmore and the Sears home improvement business in August.
Over the past year, Sears closed more than 100 stores and plans to close another 46 next month.
In response to the news, Sears shares were down 26 percent Wednesday morning in pre-market trading.
