(AP) — A bankruptcy judge has blessed a $5.2 billion plan by Sears chairman and biggest shareholder Eddie Lampert to keep the iconic business going.
The approval means roughly 425 stores and 45,000 jobs will be preserved.READ MORE: New Allegations Of Abuse Against R. Kelly Ahead Of New York Trial
Lampert’s bid through his ESL hedge fund overcame opposition from a group of creditors, including mall owners and suppliers, that tried to block the sale and pushed hard for liquidation.READ MORE: 'We're Out Here Having An Activity': Community Groups Said Their Voices, Projects Not Included In Crime Prevention Plans
Even with this latest reprieve, Sears’ long-term survival remains an open question. Lampert hasn’t put forth any specific reinvention plans and the company still faces cutthroat competition from Amazon, Target and Walmart.
Lampert steered Hoffman Estates-based Sears into Chapter 11 bankruptcy protection in October. The company’s corporate parent, which also owns Kmart, had 687 stores and 68,000 employees at the time of the filing.MORE NEWS: Summit Seeks To Help Latino Community Fight Alzheimer's And Stigma Against It
Copyright 2019 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.