Wednesday, January 16, 2019

Sears staves off liquidation, stores to remain open

AP News
Sears will live on— at least for now.

The company’s chairman and largest shareholder, Eddie Lampert, won a bankruptcy auction for Sears, averting liquidation of the iconic chain, according to a source familiar with the negotiations. The person agreed to speak on condition of anonymity because they were not authorized to discuss the negotiation publicly.

Lampert is the only one to put out a bid for the whole company. The 56-year-old billionaire had sweetened his bid to more than $5 billion over the last few days through an affiliate of his hedge fund ESL. Details of the final terms couldn’t be learned.. . . more