Bankruptcy Judge Says He Will Approve Lampert Purchase of Sears
Judge says the Sears chairman and his hedge fund have a credible plan to keep 425 stores open
Sears, an American retail staple since 1886, has been struggling in recent years, closing stores, selling off assets and borrowing money. But it wasn’t always this way. Gordon Weil, author of “Sears, Roebuck, USA,” looks back on the history of the retailer. Photo: Getty
A bankruptcy judge said Thursday he would approve Edward Lampert’s bid to purchase Sears Holdings Corp., a decision that will keep the doors open at more than 400 stores and see 45,000 people keep their jobs.
Judge Robert Drain of the U.S. Bankruptcy Court in White Plains, N.Y., said he would sign off on Mr. Lampert’s $5.2 billion offer to purchase the retailer despite opposition from a number of the company’s creditors, including its big landlords. Lawyers for those creditors had spent the past several days poking holes in...