Sears appears to be staying in business
Sears has been given a lifeline.
A Federal Bankruptcy Court judge on Thursday approved Edward Lampert’s bid through his ESL Investments hedge fund to purchase the struggling retailer’s assets for $5.2 billion. It was the only submitted offer that would have kept Sears alive and in business.
In allowing Lampert’s bid to go through, Judge Robert Drain rejected arguments from the retailer’s unsecured creditors who had urged the court to shut down the company down and liquidate the assets.
Lampert has said the ESL offer would will save some 45,000 jobs and approximately 425 stores.
Earlier on Thursday, Sears cleared another hurdle when a Sears lawyer said the Pension Benefit Guaranty Corp. has resolved its $1.8 billion claim against the retailer, the Wall Street Journal reported.
This is a developing story. Check back later for updates.
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