Sears Holdings’ plans to stay in business while looking for a possible buyer was approved by a U.S. Bankruptcy Court on Thursday, November 15, despite objections by some creditors, according to a report by Reuters.
The report noted that the owners of Sears and Kmart also continue to evaluate offers to liquidate the company.
An attorney for Sears Holdings argued in court that an immediate liquidation of Sears would destroy the company’s value and potentially hurt profitable segments of the company such as its home services division.
The attorney did acknowledge that Sears has a “tough task ahead” to save the company.
Creditors argued in court that Sears would be wasting money trying to sell the company rather than working towards a full shutdown.
Reuters also reported that Sears Holdings secured a $350 million loan from Great American Capital Partners, which is a sister-company of liquidation specialist Great American Group.