Sears won court approval on Tuesday for $350 million in critical bankruptcy financing. The deal will keep the struggling retailer operating through the holidays while it attempts to reorganize. The loan adds to $300 million that banks provided Sears when it filed for bankruptcy protection in October, giving them a total of $650 million in financing.
Sears reached the new deal with Cyrus Capital Partners LP.
Sears’ bankruptcy had been expected for years. They have been in trouble since the 2008 financial crisis with seven straight years of losses and a debt of about $5 billion.
Sears has already said it intends to close about 180 stores.