NEW YORK (CBSDFW.COM/AP) — Sears is being pummeled before the opening bell on a report that banks are pushing the 130-year-old retailer to liquidate.
The report Thursday in The Wall Street Journal comes one day after stock in Sears Holdings Corp. tumbled 30 percent.READ MORE: Harrison County Woman Rachel Naomi Hernandez Sentenced On Federal Methamphetamine Trafficking Charges
Shares, which have fallen 86 percent this year, tumbled another 15 percent in premarket trading. The company’s stock fell below $1 this month with few seeing a second act for the company that revolutionized how American shop.READ MORE: President Biden Visits Houston In Wake Of Texas' Devastating Winter Storms
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. CEO and chairman Eddie Lampert, who owns 31 percent of outstanding shares, appears to be unwilling to extend another lifeline.
There are more than 150 Sears locations across the state of Texas.MORE NEWS: 'Light At End Of The Tunnel,' National Guard Delivers Water To Garland Residents In Need
(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report.)