Sears staves off liquidation, stores to remain open

In this Feb. 13, 2012 file photo, a worker repairs a sign outside the Sears Grand store in Solon, Ohio. Photo: AP/ Amy Sancetta
In this Feb. 13, 2012 file photo, a worker repairs a sign outside the Sears Grand store in Solon, Ohio.

January 16, 2019 06:46 AM

Sears may have won a reprieve in a desperate attempt to stave off its own demise.

Multiple media outlets reported early Wednesday that billionaire Eddie Lampert has won a bankruptcy auction after strengthening his bid in several days of negotiations with creditors. Lampert, Sears' chairman and largest shareholder, upped his offer to more than $5 billion and added a $120 million cash deposit through an affiliate of his ESL hedge fund.

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The Associated Press

(Copyright 2019 by The Associated Press. All Rights Reserved.)

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