Critical Christmas for Sears

While most analysts predict Sears will make it through the holiday season, questions are emerging about how the company will manage next year.

Sears generates 30 percent of its annual revenue in November, December and January, according to its annual report.

With most economists saying the U.S. is in a recession and predicting it won't get any better until at least next spring, this holiday is a make-or-break season for Sears, said credit analyst Sean Egan.

"If they're going to make any money, they're going to make it over the next 40 days," said Egan, managing director at Egan-Jones Ratings Co., an independent credit rating agency.

"It's like crossing the desert. They need to have a lot of water stored up to cross the desert.

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