sears 1345
Business Insider/Jessica Tyler
  • Sears filed for bankruptcy last month, saying it would close 142 US stores before year end.
  • On Wednesday, the iconic US retailer said it is nearing a deal to increase its existing financing package to $650 million, allowing the 125-year-old retailer open through the coming holidays, Reuters reported.
  • Shares soared as much as 28% following the news.

Sears exploded by as much as 28%, to a high of $0.47, Wednesday after a report said it is nearing a deal that would keep it open through the holidays.

The iconic American retailer filed for Chapter 11 bankruptcy last month, saying it received approval to access a $300 million loan to keep it afloat during restructuring, and that it would close 142 US stores…