Sears Survives? Lampert Wins Bankruptcy Auction
Sears and Kmart may survive to sell another day. Sears Holdings will be sold to ESL Investments, Sears Chairman Eddie Lampert’s hedge fund, if a judge signs off on his winning bankruptcy auction bid. The deal would keep around 425 stores open as part of a $5 billion bid to save a portion of the company.
Certain Sears creditors are expected to object to the deal, and a federal judge must still decide whether it’s the best outcome of the company’s Chapter 11 bankruptcy.
Read more at USA Today.