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Sears Survives? Lampert Wins Bankruptcy Auction

Photo Credit: Mike Mozart via Flickr cc

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.