Sears Will Stay in Business…For Now.
Sears will live to sell another day.
According to the Chicago Tribune, a bankruptcy court judge in New York gave the okay for Sears CEO Edward Lampert to buy his company's assets.
The approval means Lampert, through his hedgefund, ESL Holdings, will be able to keep the remaining 425 Sears and KMart stores open and keep over 40,000 workers employed.
Opposing Lampert's efforts were a whole slew of creditors, landlords and vendors who want the company to shut down and be liquidated. CNN says creditors are owed approximately $3 Billion dollars.
The 133-year old company was once the largest and most important retailer in the nation, and the largest private sector employer. But it has struggled for decades, losing business not only to online rivals but also to big box retailers who offered lower prices and a wider selection of goods. It had lost $12 billion since its last profitable year in 2010 through its bankruptcy filing last October. - CNN.com