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Sears Avoids Liquidation

Video Credit: Wochit Business - Duration: 00:35s - Published < > Embed
Sears Avoids Liquidation

Sears Avoids Liquidation

According to Business Insider, Sears officially announced Thursday that its chairman, Eddie Lampert, has won a bankruptcy auction to keep the 126-year-old retailer from liquidating.

Sears advisers accepted Lampert's bid, worth more than $5.2 billion, after two days of tense negotiations.

The offer, which was submitted by a subsidiary of Lampert's hedge fund, ESL Investments, will keep about 400 stores open and about 45,000 of Sears' workers employed.

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