Sears reaches 11th-hour deal to stay in business: report

It looks like Sears will stay open for now. The retail chain has reached an 11th-hour deal to keep 425 stores from shutting down, according to CNN.

A judge still needs to approve the agreement.

Sears was prepared to ask a bankruptcy judge to allow it to liquidate after failing to reach an agreement with Eddie Lampert, who runs the hedge fund which controls Sears, but the sides eventually agreed to a deal.

Lampert acquired Kmart in 2003 and Sears in 2005 and merged them together.

SEE MORE: Sears chairman makes last-minute, $4.4B bid to save company

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A last-minute bid has been submitted to save Sears from bankruptcy.

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