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Retailer plans to keep hundreds of stores open while it attempts to restructure its business or find a buyer in bankruptcy
Sears Holdings Corp. was preparing to file for chapter 11 protection late Sunday or early Monday, a reckoning that would crystallize years of losses at the once iconic company.
Sears over the weekend reached a deal with lenders that would allow the troubled retailer to keep hundreds of its stores open through the holidays, according to people familiar with the matter. That setup was expected Sunday to be part of the filing.