Photo: Scott Olson/Getty Images

Sears Holdings (Nasdaq: SHLD) is preparing for a possible bankruptcy filing that could come as soon as this week, ahead of a $134 million debt payment due Monday, according to WSJ. The company also yesterday added restructuring expert Alan Carr to its board of directors.

Why it matters: Sears was to the last century of American retail what Amazon has become to this century — Trailblazing, ubiquitous and iconic.

  • Wild card: Eddie Lampert, the company's CEO, largest shareholder and largest creditor, who believes a bankruptcy filing could be Sears' reputational death knell. He's proposed a severe slim-down plan that would include divestitures of real estate and the Kenmore brand, the latter of which he offered to buy for $400 million.

The bottom line:

"This is the inevitable end game of an effective liquidation process that has been going on for many years. Throughout that time the sale of various assets along with injections of cash from Eddie Lampert have kept the ailing retailer from going under. However, the activity is akin to bailing out water from a holed ship: It keeps the vessel afloat for longer but does nothing to sort out the underlying problem."
Neil Saunders, GlobalData Retail

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Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

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Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

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  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
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  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.