Sears reached an 11th-hour deal Tuesday to remain open -- at least for now.
To keep it in laymans terms, the CEO reached an agreement to keep the stores open for now BUT…he has to come up with a $120 million cash payment by this afternoon as a down payment.
Then there is an auction period where others can bid but it is still possible that anyone wishing to shutdown the company will bid more for the assets than the Sears CEO is offering, which would set the company on the path of shutdown once again rather than remaining in business.
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