Creditors Uncertain of Sears’ Sale Plan - Articles

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Posted by: Chelsea Bennett on Nov 13, 2018

A group of unsecured creditors have raised concerns in court papers filed last week about Sears’ intention to sell its 400 most-profitable stores instead of cutting its losses and liquidating sooner, The Wall Street Journal reports. They believe that the sale process may be costlier than the company has revealed and will cut the recovery amount available to creditors and stakeholders. The auction for the 400 stores has been set for January and must be wrapped up by Feb. 8. However, the group of creditors estimate the sale process will cost between $375 and $500 million. The company will appear in court on Thursday to seek permission to move forward with its sale process.