Sears Chairman Prevails in Bankruptcy Auction for Retailer With $5.2 Billion Bid

(From Reuters)

Sears Holdings Corp (SHLDQ.PK) Chairman Eddie Lampert prevailed in a bankruptcy auction for the U.S. department store chain with an improved takeover bid of roughly $5.2 billion, allowing the 126-year-old retailer to keep its doors open, people familiar with the matter said Wednesday. . . .

The billionaire’s proposal, made through his hedge fund ESL Investments Inc, will save up to 45,000 jobs and keep 425 stores open across the United States.

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