Headhunters are believed to be already seeking a replacement for Sears chief executive Liam Strong after the retailing group announced yearly pre-tax losses of nearly 120m yesterday (Tuesday).
A source close to the company says at least two headhunters have been told to look for potential chief executives.
Sears denies Strong is being ousted from his job, which he took up four years ago after leaving British Airways as a director.
City analysts say his time has run out as he has failed to turn around the 1992 loss. The loss of 119.7m in the year to January 31,1996 has been blamed on a 219m restructuring charge.