- Sears is nearing a deal that would keep stores open for a few more weeks, with the goal of surviving until Christmas, CNBC reports.
- The deal would result in an uncertain number of stores closing immediately, according to the report.
- Media outlets reported earlier this week that Sears is on the verge of filing for bankruptcy.
Sears is reportedly nearing a deal that would keep stores open into the holiday shopping season.
The retailer is coming close to a deal that would result in some stores shuttering immediately while others would stay open, CNBC reports, citing people familiar with the matter.
“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,” CNBC reports.
Sears is aiming to initially raise $300 million to $500 million in order to keep some stores open through the holiday shopping period, sources told CNBC. It is unclear how many stores would immediately shutter and how many would remain open. Negotiations are reportedly in flux, and deals have not been formalized.
Sears did not immediately respond to Business Insider’s request for comment.
Earlier this week, the Wall Street Journal reported that Sears was planning to file for bankruptcy in the near future. Sears has a $134 million debt payment due on Monday. The company has been spiraling downward in recent years, with sales falling by half since 2014 and hundreds of stores closing.
“The problem in Sears’ case is that it is a poor retailer. Put bluntly, it has failed on every facet of retailing from assortment to service to merchandise to basic shop-keeping standards,” Neil Saunders, the managing director of GlobalData Retail, told Business Insider. “That failure has manifested itself in lost customers, lost market share, and a brand that has become tarnished and increasingly irrelevant.”