Sears, Kmart may survive: Eddie Lampert wins Chapter 11 bankruptcy auction
Sears Holdings could escape its brush with annihilation after the retailer's chairman and largest investor prevailed in an auction for a shrunken version of the company. The owner of the Sears and Kmart chains will be sold to hedge fund manager and longtime Sears backer Eddie Lampert's ESL Investments if a judge signs off, according to a person familiar with the auction results. The deal would prevent Sears from liquidating the rest of its stores. Lampert's initial offer for the company involved keeping about 425 stores open and 50,000 ...
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