Citing people familiar with the situation, the Wall Street Journal said employees of M-III Partners have spent weeks working on a potential filing and have spent time at the troubled retailer's Hoffman Estates headquarters in recent days. Sears is also considering other options and could choose not to file for bankruptcy, the people said.
Source: https://www.pantagraph.com/business/report-sears-hires-advisers-for-bankruptcy-filing/article_9ac175c6-c288-57f8-b5a6-8e2ad9660b44.html#tracking-source=home-top-story-1