Judge’s decision keeps 425 Sears stores open; saves close to 45,000 jobs


FILE – This Oct. 15, 2018 file photo shows a sign for a Sears Outlet department store is displayed in Norristown, Pa. Multiple media outlets reported early Wednesday, Jan. 16, 2019, that billionaire Eddie Lampert has won a bankruptcy auction after strengthening his bid in several days of negotiations with creditors. Lampert, Sears’ chairman and […]

Sears is getting out of bankruptcy in one piece.

A bankruptcy judge approved the sale of most of Sears’ assets to a hedge-fund controlled by Sears chairman Eddie Lampert — for just over five billion dollars.

The judge’s decision keeps 425 stores open and saves about 45,000 jobs.

Sears filed for bankruptcy in October.

The judge rejected arguments from a committee of creditors, including landlords and major vendors, who urged the court to shut Sears down and liquidate its assets.

Sears owes the creditors three billion dollars.

The creditors argued closing the company was the best way to return the most money to them.

The creditors will now have to wait to find out how much they will get of the money they’re owed.

According to previous cases, it will likely be pennies on the dollar.

©TEGNA Inc. 2019. All Rights Reserved.

More from WZDX News

More Smart Shopper

Get our WZDX News & Weather Apps