Bankruptcy Judge Approves Sale Of Sears To Edward Lampert
According to Reuters, a US bankruptcy judge approved the sale of Sears to its chairman.
Edward Lampert will take over the fallen retail giant Sears Holdings for an estimated $5.2 billion.
The move by Lampert will keep hundreds of Sears stores open for business, while retaining tens of thousands of jobs.
The sale will allow Sears to avoid liquidation after an uncertain bankruptcy filing.
Judge Robert Drain approved the sale following days of testimony in bankruptcy court.
Lambert is the only bidder offering to buy Sears, which he plans to do through the hedge fund ESL Investments.