Sears Reportedly Reaches Deal To Stay Open – Maine Stores Spared Closure…For Now
With reports saying that its parent company, Sears, has managed to reach a last-minute deal to remain in business, it appears the KMart on Western Ave in Augusta is been spared, at least for the time being.
According to a report filed by CNN at 2 p.m. on Tuesday, Jan. 8, it appears that Sears has reached a deal to keep 425 stores open. The report said the company had accepted a $4.4 billion bid from former CEO Eddie Lampert, which gives the 126-year-old retailer a chance to stay in business.
The reprieve could prove to be a short one. Under the terms of the deal, if Lampert's hedge fund fails to come up with a $120 million deposit by 4 p.m. on Jan. 9, the deal will fall through and the company will likely be liquidated.