Sears Canada bracing for possible bankruptcy?

Rumors are swirling that Sears has reached out to top law firms in Canada about a possible Chapter 11 filing. Sears Canada has been unsuccessfully looking for a buyer, though Chairman Eddie Lampert has not given up. A recent auction by Chicago-based Sears Holdings of its 51 percent stake in Sears Canada has failed to attract any bids in its second round, and the company's CEO Douglas Campbell unexpectedly stepped down on Sept. 25, citing family issues. Story