Sears on Thursday said it had won a $250 million lifeline from lenders that include billionaire owner Eddie Lampert, and will close additional stores, as mounting losses strain the U.S. chain's finances.
A U.S. bankruptcy judge on Thursday approved Sears Holdings Corp Chairman Edward Lampert’s $5.2 billion takeover of the beleaguered retailer, allowing the department store chain to avert liquidation and preserve jobs.
Sears department store chain took its fight for survival to a bankruptcy judge on Monday, arguing the proposed $5.2 billion sale to its chairman, Eddie Lampert, would help save 45,000 jobs and keep 425 stores open.
Sears 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, allowing the 126-year-old retailer to keep its doors open.
Sears chairman Eddie Lampert prevailed in a bankruptcy auction for the chain with an improved takeover bid of roughly $5.2 billion, allowing the retailer to keep its doors open, sources said Wednesday.
Sears Holdings Chairman Eddie Lampert confirmed on Thursday he has made a new takeover bid of more than $5 billion for the company, an offer that may increase the likelihood the U.S. retailer will be able to stay open.
Sears Holding Corp Chairman Eddie Lampert submitted a revised roughly $5 billion takeover bid for the company on Wednesday, boosting the chances that the U.S. department store operator will escape liquidation.