Sears To Remain Open... For Now

Sears will remain in business... At least, for now. 

As of Tuesday, the company has reached an 11th-hour deal to remain open.

Attorneys for Sears said they had reached an acceptable agreement with a hedge fund controlled by Eddie Lampert, the chairman and former CEO of Sears, after a series of last minute negotiations. Without an agreement, Sears faced the possibility of liquidation.

The deal, a revised version of a $4.4 billion bid Lampert submitted in December, would keep 425 of the stores open if certain conditions are met.

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

via CNN Business



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