The day has finally come: Sears is going bankrupt. The once-dominant retail icon — whose Sears and Kmart chains have shrunk drastically and grown dilapidated after more than a dozen years under the control of billionaire Eddie Lampert — was expected to file for Chapter 11 bankruptcy protection by late Sunday or early Monday.

After nearly a week of intense negotiations, Sears’ lenders were close to agreeing to supply a $500 million loan to keep shelves stocked and employees paid through the holidays, according to sources close to the situation.

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