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Sears Is Reportedly Preparing To File For Bankruptcy

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Sears Is Reportedly Preparing To File For Bankruptcy
According to reports from both The Wall Street Journal and CNBC, the retailer is working with advisers to prepare a bankruptcy filing.
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Sears is reportedly heading for bankruptcy.

According to reports from both The Wall Street Journal and CNBC, the retailer is working with advisers to prepare a bankruptcy filing. The Journal says that filing could come as soon as this week.

Sears is facing a hefty $134 million debt payment that's due next week. And the once-successful retailer isn't exactly in a position to pay it back — it hasn't turned a profit since 2010 and has been losing stores and customers for years.

But Sears' CEO has bailed the company out of financial trouble in the past by dipping into his own pockets, and he could choose to do it again. The company refused to comment on the reports.