Sears Holdings Corporation’s (SHLD) looming demise could still provide pain for the broader retail sector.

The Hoffman Estates-based retail standby is feeling the pain this morning, as shares slide over 36% to just over $0.38 per share in early trading. The slide comes as shareholders anticipate a bankruptcy filing amid multiple hires of restructuring and bankruptcy experts.

The company has been able to patch over debt issues in the past, but as a debt payment that more than doubles the company’s valuation

When the bankruptcy comes however, it will not be an immediate gain for competitors seeking to poach the open market share.

“In the short term, you will get liquidation that will add a little pain for the retail sector,” Stacey Widlitz, President at SW Retail Advisors told Real Money. “This isn’t great timing for retail as we head into…