U.S. footwear and apparel company Nine West Holdings Inc filed an amended Chapter 11 bankruptcy plan that will reduce its pre-bankruptcy debt obligations by more than $1 billion, the company said on Wednesday.
Eddie Lampert has stepped in to contribute towards a financing package of between $500 million and $600 million that the U.S. retailer was close to securing on Sunday to fund operations during bankruptcy proceedings.
Sears Holdings CEO Eddie Lampert is exploring a bid for some of the U.S. retailer's businesses and real estate once it files for bankruptcy, an alternative to a traditional court-supervised reorganization.
Sears shares lost nearly a third of their value in early trading on Wednesday, after a report said that the beleaguered retailer had hired advisers to prepare for a bankruptcy filing ahead of a debt payment deadline.
Sears Holdings Corp is preparing to file for Chapter 11 bankruptcy protection as early as Friday, sources said on Wednesday, casting doubt over the future of what was once the world's largest retailer.