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