Sears chairman prevails in bankruptcy auction for retailer with $5.2 billion bid – sources


#TIA – At Sears, everything old is renewed again, thanks to a chairman who wouldn’t give in. 

Sears Holdings Corp (SHLDQ.PK) Chairman Eddie Lampert prevailed in a bankruptcy auction for the U.S. department store chain with an improved takeover bid of roughly $5.2 billion (£4.04 billion), allowing the 126-year-old retailer to keep its doors open, people familiar with the matter said Wednesday.

Lampert’s bid, boosted from an earlier $5 billion offer, prevailed after weeks of back-and-forth deliberations that culminated in a days-long bankruptcy auction held behind closed doors. The billionaire’s proposal, made through his hedge fund ESL Investments Inc, will save up to 45,000 jobs and keep 425 stores open across the United States.

Read more at Reuters