Billionaire Edward Lampert won a bankruptcy auction for Sears, keeping the struggling department store chain from shutting all its remaining stores, according to a person familiar with the matter.
Mr. Lampert, chairman of Sears, prevailed by sweetening his $5 billion offer over several days of negotiations with Sears’ board and creditors, the person said.
His last-ditch rescue plan would keep roughly 400 stores open. The offer beat out a bid, which was supported by most of Sears’ creditors and landlords, by Abacus Advisory Group to close all the stores and sell the inventory.
No comments:
Post a Comment