Sears chairman Lampert wins bankruptcy auction for retailer with $5.2 billion bid
today Jan 17, 2019
Sears Holdings Corp said on Thursday its chairman Eddie Lampert won a bankruptcy auction for the U.S. department store chain with an improved takeover bid of $5.2 billion (£4 billion), allowing the 126-year-old retailer to keep its doors open.
Lampert's bid, higher than his earlier $5 billion offer, comes after weeks of 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 preserve up to 45,000 jobs, Sears said.
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