News that Sears Holdings Corp. is exploring the sale of assets including Kenmore drove shares to a four-month high — and has at least one analyst bracing for a possible bankruptcy, Bloomberg News reported. The retailer said on Monday that it had formally started a process to re-shop the Kenmore appliance brand and parts of its home services business — units it hired Citigroup Inc. and LionTree Advisors to explore selling two years ago. Sears shares spiked as much as 19 percent in intraday trading and closed up 6.7 percent. Susquehanna Financial Group analyst Bill Dreher said the company reinitiating a possible sale process suggests its cash constraints are becoming so severe that a bankruptcy process could be closer than expected.
