Sears Saved From Liquidation: Judge Approves Bankruptcy Sale To Ex-CEO Eddie Lampert

by MR Magazine Staff

A federal judge on Thursday approved a last-minute deal to save Sears Holdings in shrunken form, giving the death-defying retailer a second chance at life. Judge Robert Drain authorized a deal to sell the major remaining assets of Sears to its chairman, largest shareholder and former CEO Eddie Lampert’s hedge fund, ESL Investments. Hours before Drain announced his decision, attorney Ray Schrock, who represents Sears, noted the gravity of the moment as closing arguments began. “Today is obviously a very important day for Sears,” he said to Drain. “The fate of Sears is going to be in the court’s hands.” Read more at USA Today.