Sears Bankruptcy

Sears survived the Great Depression and two world wars, but couldn't survive internet shopping. As a result, the company was forced to file bankruptcy and now it is going to get expensive. Lehman Brothers 2008 bankruptcy cost more than $2 billion, while the Toys R Us bankruptcy in 2017 has cost $375 million to date and still counting. In the Sears bankruptcy, at least 36 lawyers are charging more than $1,000 per hour. The company has employed six law firms, three investment banks, two financial advisors, and seven others who are providing tax, real estate, and other bankruptcy services. One law firm has already billed more than $5 million in the first two weeks of bankruptcy.