Sears staves off liquidation, stores to remain open
NEW YORK (AP) - Sears may have won a reprieve in a desperate attempt to stave off its own demise.
Multiple media outlets reported early Wednesday that billionaire Eddie Lampert has won a bankruptcy auction after strengthening his bid in several days of negotiations with creditors. Lampert, Sears' chairman and largest shareholder, upped his offer to more than $5 billion and added a $120 million cash deposit through an affiliate of his ESL hedge fund.
Lampert steered the company into bankruptcy protection and if he is able to keep the roughly 400 remaining Sears stores open, it would mean tens of thousands of jobs are saved, at least for now. Whether Sears, founded 132 years ago, can survive in the era of Amazon remains questionable.