A group of vendors filed an objection on Monday, pushing bankruptcy judges to move Sears from Chapter 11 bankruptcy status to Chapter 7.
A group of 13 vendors filed an objection on Monday pushing bankruptcy judges to move Sears from Chapter 11 bankruptcy status to Chapter 7, effectively mandating liquidation that would cease operation. The filing comes in advance of a Sears hearing slated for later this week, in which the company is expected to appear to seek a reorganization plan to settle its debts.
A group of 13 vendors filed an objection on Monday pushing bankruptcy judges to move Sears from Chapter 11 bankruptcy status to Chapter 7, effectively mandating liquidation that would cease operation. The filing comes in advance of a Sears hearing slated for later this week, in which the company is expected to appear to seek a reorganization plan to settle its debts.
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