Some stores open under Sears plan
Negotiations over the fate of Sears Holdings Corp. have moved away from a possible liquidation toward a plan that would keep some stores open through Christmas, according to a person with knowledge of the matter.
The talks with lenders envision a restructuring using the Chapter 11 bankruptcy process, with Sears filing Sunday at the earliest, said the person, who asked not to be identified discussing confidential matters. Negotiators are discussing a loan of about $300 million to $500 million, the person said.
The exact number of Sears stores that would remain open hasn’t been finalized, but the intention is to maintain the 125year-old chain as a going concern, the person said. Almost 90,000 jobs are at stake, according to Sears filings earlier this year.