Sears Holdings Corp. Chairman Eddie Lampert has won a bankruptcy auction for the beleaguered retailer in move that could keep hundreds of stores open.
Lampert and his ESL Investments hedge fund won with a $5.2 billion bid for the bankrupt Hoffman Estates, Illinois-based retailer that will keep more than 400 stores open and save nearly 50,000 jobs, according to reports.
The Wall Street Journal reported Lampert won the days-long bidding process by upping an original bid of $5 billion during negotiations…
Houston Biz Journal
Sears Chairman Lampert wins auction, more than 400 stores to remain open