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.
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 […]
The LA Times Guild has been negotiating a new contract with the newspaper, but has hit a wall thanks to an unprecedented demand from the paper's owners: they want writers to sign away the rights to nonfiction books, novels, movies and other works they create separate from their reporting for the paper. The newspaper is […]
Amazon will instead focus on Northern Virginia and Nashville, after an organized effort by New Yorkers to hold the company and lawmakers accountable for sneaky dealmaking.
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 […]
When it comes to Valentine’s Day gestures, we encourage you to make the date your own. But we’ve got to admit, you can’t beat the classic appeal of a well-picked, perfectly arranged bouquet of roses. And whether you need them delivered at home or to a long-distance lover, the best call is Teleflora’s Valentine’s Day […]