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Retailer is expected to file for bankruptcy and close at least 150 locations
Sears Holdings Corp. is inching closer to a deal with lenders about a bankruptcy plan that would close at least 150 stores and provide a lifeline loan to maintain a small footprint of about 300 locations, according to people familiar with the matter.
As part of the deal, the lenders, including Bank of America Corp., Wells Fargo & Co., and Citigroup Inc., would provide emergency financing of up to $500 million, the people said.