(Reuters) - Sears Holdings Corp CEO Eddie Lampert has stepped in to contribute towards a financing package of between $500 million and $600 million (£382 million and £458 million) that the U.S. department store operator was close to securing on Sunday to fund operations during bankruptcy proceedings, people familiar with the matter said.
Lampert, who is also the company's largest shareholder and lender, is hoping the deal, combined with a programme of divestitures, will give Sears a fighting chance of escaping liquidation ahead of the key holiday shopping season, the sources said. Big banks are expected to provide significant portions of the financing, the sources added.