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.
