Sears Survives Bankruptcy: Judge OKs Buyout Deal
It has been a painful journey, and it is far from over, but Sears Holdings isn’t going to give up the ghost easily. The struggling retailer lived to sell another day after a bankruptcy court judge approved the sale of most of its assets to a hedge fund controlled by its chairman and former CEO, Eddie Lampert. Lampert’s $5.2 billion bid will keep 425 stores open and save the jobs of about 45,000 employees.
In his decision Thursday afternoon, Drain rejected arguments from a committee of creditors, including landlords and major vendors, who had urged the court to shut the company down and liquidate the assets. The creditors, who are owed more than $3 billion by Sears, argued that closing the company was the best way to return the most money.
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