Sears Holdings Corp. Chairman Eddie Lampert has won a bankruptcy auction for the beleaguered retailer in move that could keep hundreds of stores open.
Lampert and his ESL Investments hedge fund won with a $5.2 billion bid for the bankrupt Hoffman Estates, Illinois-based retailer that will keep more than 400 stores open and save nearly 50,000 jobs, according to reports.
The Wall Street Journal reported Lampert won the days-long bidding process by upping an original bid of $5 billion during negotiations with Sears' board and creditors. His bid won over a competing bid that would have liquidated Sears assets and sold inventory.
Lampert also will purchase Sears' Kenmore and DieHard brands, Sears Auto Centers, and Sears' Home Services business.
Reuters reported that Lampert's bid won after he increased his cash bid and offered to assume more liabilities.
Sears filed for bankruptcy protection in October, when it operated about 700 stores.
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