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Eddie Lampert’s Winning Bankruptcy Bid Saves Sears—And 50,000 U.S. Jobs

January 16, 2019

Via: Fortune

Sears is saved—for now.

The company’s chairman and hedge fund manager Edward Lampert won the U.S. department store chain in a bankruptcy auction with a bid of approximately $5.2 billion, according to Reuters and the Wall Street Journal.

Lampert’s winning bid was a slight increase from his initial $5 billion offer, which was further sweetened by assuming more liabilities. His only challenger was Sears itself: the bid by Abacus Advisory Group LLC, made on behalf of most Sears creditors and landlords, intended to close all of Sears’ stores and sell the inventory.

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