(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: Chicago Weather: Record Warmth Possible Next 2 Days
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: Illinois Department Of Employment Security Admits To Monthlong Callback Wait Times; State Rep. Says Methods Must Change
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: The United Center COVID-19 Mass Vaccination Site: An Inside Look
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