It’s official: Sears Holdings Corp. survives. For now, at least.
Chairman Eddie Lampert’s $5.2 billion bid to keep the once-dominant retailer alive was approved by U.S. Bankruptcy Judge Robert Drain on Feb. 7. The court decision, made during a hearing in White Plains, N.Y., seals Lampert’s quest to initially preserve about 425 stores and 45,000 jobs.
Drain rejected arguments from a group of creditors that the sale process was unfair. Those creditors have argued that Lampert, who engineered the 2005 merger of Sears Roebuck and Kmart, plundered the company’s assets and failed to invest enough in stores to make ...
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