Department store chain Sears in the US is formulating a restructuring plan to deal with its ongoing debt problem.
The company is looking to sell $1.75 billion worth of assets and $1.5 billion of real estate, which would eliminate 80% of its debts, bringing them down to a total of $1.24 billion. A proportion of the sold real estate is to be leased back to the company by its new owner(s) under the conditions of the proposal.
The company needs to generate funds by next month, as a large repayment is due, according to CEO Edward Lampert.
