Chain Store Age
Sears Holdings Corp. has been given a lifeline.
A Federal Bankruptcy Court judge on Thursday approved Edward Lampert’s bid through his ESL Investments hedge fund to purchase the struggling retailer’s assets for $5.2 billion. It was the only submitted offer that would have kept Sears alive and in business.
In allowing Lampert’s bid to go through, Judge Robert Drain rejected arguments from the retailer’s unsecured creditors who had urged the court to shut down the company down and liquidate the assets.. . . more