Sears Chairman Prevails In Bankruptcy Auction
(Hoffman Estates, IL) — It looks like Sears will be staying in business. Sears Holding Chairman Eddie Lampert has reportedly prevailed in a bankruptcy auction for the department store chain. Sources told CNBC that Lambert improved his takeover bid to five-two-billion dollars to make the deal, allowing the 126-year-old retailer to keep its doors open. The proposal will save about 45-thousand jobs at Sears, and keep 425 stores open in the U.S. The deal still has to be approved by a U.S. bankruptcy judge. A hearing is expected to be scheduled for later this week. Sears has not commented on the report.
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John Abrahamsen/mwl
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01-16-2019 02:49:10
