Sears hires advisers for bankruptcy filing

Sears Holdings Corp which has been losing money for years has US$134 million in debt due

Mr. Carr previously served on the board of LightSquared, a telecom company that went through bankruptcy.

Where we're headed: If Sears does file for bankruptcy, it could help some property owners, while being a problem for others. Before Mr. Carr's appointment, Sears had six members and four were independent directors.

Looming before Sears is a $134 million debt payment that comes due on Monday.

In afternoon trading, Sears shares lost 6 percent to 58 cents.

Sears' and Kmart's chairman, chief executive, largest shareholder and biggest creditor - reportedly is looking for a larger restructuring than just anteing up more cash to bail out the cash-strapped retailers. Gordon Weil, author of "Sears, Roebuck, USA", looks back on the history of the retailer. Those include Sears Home Services and the company's flagship Kenmore brand, which Lampert offered to purchase in August for $400 million.

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Sears did not immediately return Fortune's request for comment on the WSJ report.

The board has said it is exploring strategic options and asked its legal and financial advisers to work closely with Mr. Lampert and ESL. But if Sears is now in touch with banks to secure the financing needed for a bankruptcy filing, as CNBC reported Wednesday morning, that could send the surest signal that such a move may not be so far off. The committee is concerned it will be opening the company up to litigation, one source said.

The Wall Street Journal quoted sources saying Lampert wants to restructure and is anxious that a bankruptcy filing will lead to a liquidation, which has happened with so many retailers, the most recent being Toys R Us.

In another attempt to avoid bankruptcy, Sears past year sold its Craftsman tool brand to power tool maker Stanley Black & Decker for $900 million. He personally took over as CEO in 2013, but the 125-year-old chain's woes have worsened in recent years.

The company's sales have dropped nearly 60% since 2011, and it's reported losses of $11 billion in that period. Analysts say it needs to raise about $1.5 billion a year to stay afloat. Even after several rounds of store closures across the country in recent years, the holding company still operates around 500 Sears stores and 360 Kmart stores. That is up from up from roughly 70 cents in March, when expectations of full repayment were at a low point, but down from around 93 cents on September 24, when ESL proposed its plan to avoid bankruptcy. The stock had been trading as high as $43 a share as recently as 2015. The notes traded at around 42 cents a month ago.

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