FYI: 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 on 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 125-year-old chain as a going concern, the person said. Almost 90,000 jobs are at stake, according to Sears filings earlier this year.
Regards,
Ted
https://www.bloomberg.com/news/articles/2018-10-12/sears-said-to-be-hammering-out-deal-to-stay-open-in-bankruptcy?srnd=premium
