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Any modification of the terms of the senior DIP is complicated by the fact that it has already received provisional approval from the bankruptcy court.
Hurry up. Sears burns cash so quickly that if it does not secure more money, it could run out of money to support its operations in the next two weeks, she said recently in bankruptcy filings. Sears could solve this problem by closing more stores than the 142 already identified. This could, however, limit Lampert's interest in buying the company and keeping it alive.
Sears said it is in talks to sell the company to ESL. Lampert, however, only wants to buy the business on an area of about 400 stores, said one of the known people. It is unclear if there are buyers for the company beyond Lampert.
The company had about 700 stores at the time of the bankruptcy.
If she can not find a buyer, Sears will probably have to sell. The 125-year-old company has more than 68,000 employees.
Sears warned in its filings in bankruptcy court last week that without junior DIP funding, its sales capacity as an operating company "will be seriously jeopardized".
People have asked for anonymity because the information is confidential. ESL declined to comment.
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