Last minute deal may keep Sears stores open

National

Sears reached a last minute deal to remain open, for now.

Attorneys for Sears said they reached an agreement with a hedge fund controlled by Eddie Lampert, the Chairman and former CEO of Sears.

The deal will keep 425 of the stores open if certain conditions are met.

Under the new terms, Lampert must come up with a $120M in cash by Wednesday afternoon, as a down payment.

If not, the auction period for Sears ends on January 14th.

It could take days or weeks to determine the winning bidder.

Lampert’s bid is the only bid designed to keep Sears open. 
 

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