Sears stock closes at 34 cents
Sears shares are being pummeled on a report that banks are pushing the 130-year-old retailer to liquidate. The report Thursday in The Wall Street Journal came one day after stock in Sears Holdings Corp. tumbled 30 percent.
Shares then tumbled an additional 30 percent Thursday to close at 34 cents.
Only a quarter of the 4,000 stores operating just six years ago still have the lights on and a significant debt repayment is looming. "The prognosis is gloomy, just as it has been for many years," said Neil Saunders, managing director of GlobalData Retail.
Word that lenders are pushing for liquidation, Saunders said, is a sign that Sears is a company with no inherent value and is "broken operationally as well as financially."
"At some point, the music has to stop," Saunders said. "We believe that time is now."
http://www.courant.com/breaking-news/ct-biz-sears-stock-slide-20181011-story.html
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