’11th-Hour Deal’ Means Many Sears Stores Will Stay In Business…For Now
The saga continues for an iconic brick and mortar business that so many of us grew up with. Sears, the Frankenstein of retail, is still alive. The livelihood of hundreds of employees who depend on the company has reportedly been saved by the bell. Fans who regularly visit the 100+ year-old store can keep shopping… for now.
Sears' officials have accepted an 11th-hour deal to keep more than 400 stores from shutting down, according to CNN via CBS in Boston. A total of 425 locations are impacted by the agreement, which was reached late Tuesday morning reportedly by Sears' attorneys and controllers of Eddie Lampert's hedge fund. Sears had been getting ready for a potential liquidation before this decision.
The news report says Judge Robert Drain will still have to approve the deal. The judge was quoted as saying that the deal is “a good development.”
Some New England stores are reportedly still shutting down, despite the deal. Those are locations which were already slated for closure.