A bankruptcy judge has blessed a $5.2 billion plan by Sears chairman and biggest shareholder Eddie Lampert to keep the iconic business going.
The approval means roughly 425 stores and 45,000 jobs will be preserved.
Lampert�s bid through his ESL hedge fund overcame opposition from a group of creditors, including mall owners and suppliers, that tried to block the sale and pushed hard for liquidation.
Even with this latest reprieve, Sears� long-term survival remains an open question. Lampert hasn�t put forth any specific reinvention plans and the company still faces cutthroat competition from Amazon, Target and Walmart.
Lampert steered Sears into Chapter 11 bankruptcy protection in October. The company�s corporate parent, which also owns Kmart, had 687 stores and 68,000 employees at the time of the filing.
(AP)
