Parent company of Sears prepares for possible liquidation

Business & Consumer
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FILE- In this July 8, 2017, file photo people walk into a Sears store slated for closing that is next to a mall that is being torn down in Overland Park, Kan. Sears has filed for Chapter 11 bankruptcy protection Monday, Oct. 15, 2018, buckling under its massive debt load and staggering losses. The company […]

Sears and Kmart are expected to become the latest victims of the nation’s changing shopping habits pending a last minute save.

Sears Holdings Corp, the parent of Sears and Kmart, will ask a federal bankruptcy judge in New York whether it can move to liquidation after failing to reach a buyer, casting doubt on the survival of a department store that has been a fixture in the United States for more than a century.

Sears filed for bankruptcy protection on Oct. 15, 2018. An auction for Sears’ assets is not due until Jan. 14.

Kmart and Sears merged in November 2004, creating the new retail company Sears Holdings. Sears was the third largest retailer in the U.S. at the time.

A hearing in the case is scheduled for Tuesday.

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