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The famous US retailer Sears (owned by Sears Holdings Corporation) will not die of liquidation death after bankruptcy. President Eddie Lampert today won a bankruptcy bid to buy the company's badets, after making a bid up $ 5.2 billion, Sears announced on Thursday.
The creditors oppose the transaction.
Reuters:
Sears named Lampert's hedge fund, ESL Investments Inc., as the winner of a bankruptcy-supervised auction, after its latest bid overtook a previous $ 5-billion bid after weeks of talks.
The agreement would keep more than 400 stores, create up to 45,000 jobs and ESL to acquire almost all of the company, including its "Go Forward Stores" said Sears.
"We are pleased to have reached an agreement that would allow Sears to exit the Chapter 11 process," said the Sears Board Restructuring Committee in a statement.
The sale has yet to be approved by a US bankruptcy judge, and this does not happen during the current US government closure, which is now on its 27th day.
A hearing to review the agreement is scheduled for February 1st.
If approved, the deal should be closed around February 8, Sears says.
Previously in Boing Boing:
• Sears president Eddie Lampert submits new $ 5 billion bid to save convicted retailer
• Sears RIP.
• Sears should wind up if last minute buyout fails
PHOTO: The showcase of a Sears, Roebuck and Co. store is seen in El Paso, Texas, circa 1940. Photographer unknown.
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xeni garden
Xeni Jardin, editor and Boing Boing partner and technology journalist, animates and produces the Boing Boing TV Channel on Virgin America Airlines (number 10 on the dial) and writes on bad cancer. Diagnosed in 2011. @xeni on Twitter. email: [email protected].
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