Sears soars 36 percent -- one day after filing for bankruptcy (SHLD)

  • Sears Holdings filed for Chapter 11 bankruptcy on Monday.
  • The retailer received approval on Tuesday to access a $300 million loan to keep it afloat during bankruptcy.
  • Shares spiked as much as 124% Tuesday before paring their gains and finishing up almost 36%.
  • Watch Sears trade in real time here.

Sears Holdings soared as much as 124% — one day after filing for bankruptcy — as the embattled retailer received approval to access a $300 million loan to keep it afloat during bankruptcy. After paring its gains, the stock finished up nearly 36% at $0.42 a share. 

"The Court's approval of our First Day motions is an important step forward in our financial restructuring process that will allow the company to continue operating in the normal course and providing our customers and members with trusted service," CFO Robert Riecker said in a press release.

RELATED: 46 Sears locations closing

46 Sears and Kmart locations closing
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46 Sears and Kmart locations closing

935 Sweetwater Road
Spring Valley, CA

1075 Shaw Avenue
Clovis, CA
3625 East 18th Street
Antioch, CA
6310 W 3rd Street
Los Angeles, CA
589 Bridgeport Avenue
Milford, CT
301 College Square
Newark, DE
3231 Chicago Road
Steger, IL

11 South Kings HWY 61
Cape Girardeau, MO

2308 Highway 45 N
Columbus, MS
605 Old Country Road
Riverhead, NY
440 NW Burnside Road
Gresham, OR
101 Great Teays Blvd
Scott Depot, WV
2150 South Douglas HWY
Gillette, WY
Flagstaff Mall, 4800 N US HWY 89
Flagstaff, AZ
Capitola Mall, 4015 Capitola Road
Santa Cruz, CA
2424 Highway 6 And 50
Grand Junction, CO
2266 University Square Mall
Tampa - University, FL
1625 NW 107th Avenue
Doral / Miami, FL
Coastland Ctr, 2000 9th Street N
Naples, FL
Oglethorpe Mall, 7810 Abercorn St
Savannah, GA
2860 Cumberland Mall
Atlanta, GA
100 Mall Blvd Ste 300
Brunswick, GA
1631 E Empire Street
Bloomington, IL
4201 Coldwater Road
Fort Wayne, IN
3000 Mall Road
Florence, KY
1914 Hammond Square Drive
Hammond, LA
50 Holyoke Street
Holyoke, MA
Silver City Galleria
Taunton, MA
1250 Jackson Xing I-94
Jackson, MI
4601 Glenwood Avenue
Raleigh - Crabtree, NC
77 Rockingham Park Boulevard
Salem, NH
1500 South Willow Street
Manchester, NH
4409 Black Horse Pike
Mays Landing, NJ
200 Eastview Mall
Victor, NY
578 Aviation Road
Queensbury / Glen Falls, NY
1400 Union Turnpike
New Hyde Park, NY
2700 Miamisburg Centerville Road
Dayton, OH
9505 Colerain Avenue
Cincinnati - Northgate, OH
11800 SE 82nd Avenue
Happy Valley / Portland, OR
400 Memorial City Way
Houston - Memorial, TX
Post Oak Mall
College Station - Bryan, TX
7453 S Plaza Center Drive
West Jordan, UT
12000 Fair Oaks Mall
Fairfax, VA
8800 NE Vancouver Mall Drive
Vancouver, WA
4720 Golf Road
Eau Claire, WI
Valley View Mall, 4200 US HWY 16
La Crosse, WI

"Our stores, online and mobile platforms, and related businesses are open and we continue to offer our customers and members the brands and products they want. We look forward to continuing to engage in productive discussions with our creditors and other stakeholders to pursue a plan of reorganization as expeditiously as possible."

Early Monday morning, the iconic American retailer filed for Chapter 11 bankruptcy, saying it would close 142 US stores before year-end and that Eddie Lampert would step down from his role as CEO but remain chairman. 

Sears' stock price topped out at more than $122 in 2007, giving the retailer a market capitalization of nearly $30 billion. But the retailer struggled with shifts in consumer spending, and the rise of e-commerce, among other things, eventually leading to a collapse in share price.

On Monday, Sears touched a record low of $0.28 a share, leaving it with a market cap of just $33.79 million. It finished Tuesday at a $43.6 million valuation. 

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