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10/12, 5:57 PM (Source: TeleTrader.com)
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Sears close to deal to stay open until Christmas - report

Department store company Sears is close to a deal that would keep it open for business through Christmas, CNBC reported on Friday, citing unnamed individuals with knowledge on the matter.

According to sources, the deal with lenders would allow for around 900 stores to function until at least December 25. The move aims to create a possibility for the retailer to find a buyer while in bankruptcy, the sources stated. Moreover, the deal is said to include a condition of Sears closing some of its store immediately, although an exact number remains unknown.

Two days ago, first reports emerged stating the owner of department store chain was preparing a bankruptcy filing. Sears Holdings Corporation shares dropped over 87% in the last six months.

Breaking the News / BM