Sears Holdings Corp. is adding a restructuring expert to its board, raising the specter that the ailing retailer could be preparing for a reorganization filing in bankruptcy court.
The Hoffman Estates, Illinois-based company, which operates stores under Kmart and Sears, said Tuesday it has named Alan Carr, managing member and CEO of Drivetrain LLC, a restructuring advisory firm. Sears said he has significant experience as a principal, investor and adviser leading complex financial restructurings.
The move comes as Sears is approaching a key debt repayment in less than a week.
Earlier this month, the hedge fund owned by Sears Holdings Corp. CEO Eddie Lampert urged the retailer’s board to sell more of its real estate and restructure its debt, as it seeks to avoid bankruptcy.
This article provided by NewsEdge.