If you read the news coverage this morning, you will see that they are quoting Sears as having 12-18 months of run time left before bankruptcy is even considered......so not quite as dire as some are making things out to be.
Where was this said? Any chance you can post a link?
I found this, from 3 weeks ago: https://seekingalpha.com/article/4152966-sears-finally-reached-profitability
"The focus remains on the outcome of the recently launched debt exchange offer, which would give Sears some breathing room for the next 12-18 months."
And this, from 2 days ago: https://seekingalpha.com/article/4158818-sears-zombie-keeps-walking?page=3
"ESL’s continued support through debt roll-over and further secured loans will enable the company to avoid bankruptcy for at least 12-18 months."
The only references to that timeframe regarding Sears in the past month.
Yes, they need to close another 500 stores first before they file.