As Sears Holdings heads toward an imminent bankruptcy filing, the struggling retailer is nearing a deal with lenders that could keep it alive through Christmas, people familiar with the matter tell CNBC.
Such a deal would allow Sears to keep open some of its roughly 900 stores for at least a little bit longer, these people say. The goal would be to stay open until at least Christmas with a hope of finding a buyer while Sears is in bankruptcy, the people said.
As part of the deal, Sears would shutter some of its stores immediately. The exact number of closures is still being negotiated. It is unclear how the closures would impact Sears’ roughly 90,000 workers.
Sears has not yet finalized a buyer for the business. It will likely seek one after filing for bankruptcy.
The retailer is in talks to initially raise $300 million to $500 million to support its holiday operations, the people said. That amount may increase over time.
The people, who requested anonymity because the information is confidential, cautioned the negotiations are in flux and no deal has yet been formalized.
Sears did not immediately respond for comment.