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Sears Chairman Seek Bankruptcy Loan
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5 Nov 2018 01:27 AM EST

According to Reuters, Sears is in discussions with Chairman Eddie Lampert and lenders on a deal to expand a bankruptcy financing package that would help the company avoid liquidation.The negotiations of the deal are coming at a critical time for Sears, as it needs enough money to keep its shelves stocked during the holiday shopping season while retaining enough support from its creditors and vendors to emerge from bankruptcy. Sears filed for Chapter 11 bankruptcy on October 15th with a plan to close about 142 of its 700 stores by the end of the year.

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