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Sears announced earlier this month it would be closing 64 Kmart stores after closing nearly 80 Sears and Kmart stores in July.

This money, which is actually just a promise of funds designed to convince vendors to keep supplying the company, represents only a small piece of what Sears Holdings needs to make it through the year.

The company has staved off death by borrowing money, but how long can that last? 28 at .18 and rallied on the news of the new line of available borrowing to close the next day at , a 10% gain. The company posted a loss of 8 million in its fiscal third quarter this year, up from a 4 million loss in Q3 2015.

News that Sears Holdings had lined up a new credit facility sent shares of the company dramatically higher Thursday, Dec. The stock gained on the idea that the company behind Sears and Kmart had bought itself a little time even if the money it now has access to will not cover its 2017 debt-servicing needs. In addition, revenue dropped by 1 million in Q3.

Those are bad numbers and there's no reason to expect the company to reverse those fortunes in Q4.

CEO Eddie Lampert, whose hedge fund loaned the company 0 million in August, has pushed the idea that the company can stabilize by closing unprofitable stores and focusing on its Shop Your Way digital platform.

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The struggling retailer said it has received loan, called a secured letter of credit, for $200 million, with an option to expand the amount to as much as $500 million with the consent of lenders.