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Report: Sears on Brink of Bankruptcy, Top Execs Flee Company

From Business Insider

Things aren’t looking good for Sears.

The company is shutting down dozens of Kmart stores this monthand two of its highest-ranking executives left this week in the midst of the key holiday shopping season.

This comes following speculation among Sears and Kmart employeessuppliers, and several banks that the retailer will soon go bankrupt — something Sears has repeatedly dismissed.

Jeff Balagna, formerly Sears’ executive vice president, left the company Wednesday, “in order to focus on his other business interests and pursue other career opportunities,” Sears said in an SEC filing dated November 23.

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