By  on October 12, 2018

The situation at cash-strapped Sears Holdings Corp. remains fluid, but sources following the situation expect the company to file for Chapter 11 bankruptcy protection ahead of a $134 million debt payment, due Monday.

One credit analyst said Sears would likely keep about 300 stores open so it can capture holiday sales. The analyst noted Sears has been cash-flow-positive during the six-week holiday selling period in the past and that it makes sense for the retailer to try to capture as much cash as it can for the debtor’s estate. The retailer operated 866 stores under the Sears and Kmart nameplates as of the end of August.

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