Sears Preparing To File Bankruptcy As Soon As This Week
And while critics have accused Lampert of stripping assets from the insolvent company, Lampert claims he has been selling assets to give Sears the cash it needs to stay in business, i.e., avoiding handing over equity control.
As for those who have never heard of M-III Partners, it was founded by turnaround expert Mohsin Meghji, who in 2011 quit Loughlin Meghji to start his own company after working on restructurings for nearly 30 years. Sears, which still has nearly 900 stores if not for long, would be M-III’s biggest assignment. It recently served as chief restructuring officer of Real Alloy, an aluminum recycling company that sought bankruptcy protection in 2017.
To be sure, none of the above will come as a surprise to anyone as Sears shares, which traded as high as $144 over a decade ago, closed Tuesday at 59 cents, confirming that investors were aware that a potential bankruptcy filing or restructuring is imminent. If there is one shared feeling among the various stakeholders, it is probably relief that the world's most drawn out insolvency - on par with that of Greece - is finally coming to an end.