Sears stock falls below $1 as key debt deadline nears

[Yo_Mama_Been_Loggin]

Shares of Sears Holdings fell below $1 for the first time on Friday morning, hitting an all-time low as the department store chain is running out of time to stay afloat.

The tumble follows a proposal earlier this week from CEO Eddie Lampert's hedge fund, ESL Investments, to restructure the company in order to avoid bankruptcy. A large debt payment is hanging over Sears' head next month. Time is running short, as Sears previously disclosed it faces "significant near-term liquidity constraints" pertaining to debt maturity reserve requirements it must meet by this upcoming Monday. The reserve is associated with a note that has a $134 million maturity due on Oct. 15.

Now, on top of that, there's the risk that Sears' stock could be delisted. Its shares are traded on the Nasdaq, which has a $1 bid price requirement for shares and notifies companies once their stocks trade for 30 days consecutively below that threshold, according to Nasdaq's website. From there, companies are typically afforded a "compliance period" of 180 days to meet Nasdaq's requirements again. A second, 180-day compliance period is sometimes afforded, Nasdaq's website says.

The department store chain's shares have fallen more than 85 percent over the past 12 months, bringing the retailer's market cap to less than $110 million. Shares hit an all-time high of $195.18 in April 2007.

https://www.msn.com/en-us/money/companies/sears-stock-falls-below-dollar1-as-key-debt-deadline-nears/ar-BBNFv9I?li=BBnb7Kz

[democratic friend]

1. I feel bad for the workers

Not only losing jobs but forced to put money into seats as a retirement plan.

[Raine]

2. This is sad to hear

I keep hoping somehow they can save themselves. My father worked for Sears and eventually retired from them, I have good memories of them.

[Codeine]

3. The vultures who destroyed that company

deserve to be shot in the head.