(New York, NY) -- Sears is moving closer to filing for bankruptcy.
The struggling department store chain has reportedly hired an advisory firm to prepare a bankruptcy filing. The Wall Street Journal reports the action could happen as early as this week before Sears' 134 million dollar debt payment, which is due on Monday. The retailer also brought in restructuring expert Alan Carr as a company director, which adds another person to their six-person board.
Sears has already closed many Sears and Kmart Stores, including the Sears Store near Kingston, while the Kmart store in Poughkeepsie is scheduled to close down in December.
Copyright © 2018 TTWN Media Networks LLC
Photo: Scott Olson-Getty Images