Once-iconic American retailer Sears (owned by Sears Holdings Corporation) will not die a bankruptcy liquidation death after all. Chairman Eddie Lampert today won a bankruptcy auction to purchase the company's assets, after presenting an upped offer of $5.2 billion, Sears said Thursday.
Creditors oppose the deal.
Sears picked Lampert’s hedge fund ESL Investments Inc as the winner at a bankruptcy court-supervised auction after his latest bid topped an earlier $5 billion proposal following weeks of talks.
The deal would keep open more than 400 stores, preserve up to 45,000 jobs and ESL would acquire substantially all of the company, including its “Go Forward Stores” on a going-concern basis, Sears said.
“We are pleased to have reached a deal that would provide a path for Sears to emerge from the chapter 11 process,” the restructuring committee of Sears’ board of directors said in a statement.
The sale still has to be approved by a U.S. bankruptcy judge, and that's not happening during the ongoing U.S. government shutdown, now on its 27th day.
A hearing to consider the deal is set for February 1.
If approved, the transaction is expected to close on or about Feb. 8, Sears says.
Previously on Boing Boing:
• Sears chairman Eddie Lampert submits new $5 billion bid to save doomed retailer
• RIP Sears.
• Sears expected to liquidate as last-minute buyout fails
PHOTO: The storefront of a Sears, Roebuck and Co. store is seen in El Paso, Texas, circa 1940. Photographer unknown.
China's real-estate bubble is the largest in human history, and despite years of warning signs, it has grown and grown, spilling over into the rest of the world.
Amazon doubled its profits in 2018, to $11.2 billion; the company will receive a $129 million tax rebate for the year.
The Right to Repair movement got state legislatures to consider more than a dozen Right to Repair bills last year, and have made great strides in the EU and elsewhere, but for every two steps forward they manage, they're forced a step or two back by giant corporate lobbyists, led by Apple, who want to […]
High-def cameras are available to anyone and for much less than they were just a decade ago. Even the phones in our pockets can be used to shoot and edit short films. It’s never been easier to be a filmmaker, providing you have the technique. Enter the Film & Cinematography Mastery Bundle, an online boot […]
Breaking into the indie video game market may be easier than you think. It all starts with an idea, and then it’s a matter of finding the right development platform to bring it to life. No matter what that platform is, it’s a good bet that it’s covered in the 2019 Game Dev & Design […]
Learning a new language like Spanish doesn’t have to be hard. Either you can buy a ticket to a Spanish-speaking country, immerse yourself in the culture and pick it up intuitively – or you can do it from the comfort of the chair you’re in right now by logging on to Rocket Spanish. There are […]