Three months after Sears Holdings filed for Chapter 11 bankruptcy protection, it appears as if there is life left in the venerable retailer.
Reuters on Wednesday, January 16, reported that Sears Holdings chairman Edward Lampert has prevailed in a bankruptcy auction for the company that owns Sears and Kmart. The $5.2 billion bid will keep 425 stores open across the United States.
At the time of its bankruptcy filing in October, Sears Holdings operated about 700 stores.
The deal must still be documented and approved by a U.S. Bankruptcy Court judge. A hearing is expected later this week.
The report noted that Lampert boosted his bid from $5 billion to $5.2 billion by assuming more liabilities.