قالب وردپرس درنا توس
Home / Business / Sears mayor plan wins bankruptcy judge's OK, give iconic dealer another chance

Sears mayor plan wins bankruptcy judge's OK, give iconic dealer another chance



Breaking News Emails

Get breaking news alerts and special reports. The news and stories that matter, delivered weekday morning.

By Associated Press

NEW YORK ̵

1; A bankruptcy judge has blessed a $ 5.2 billion plan by the Sears chairman and largest shareholder to keep the iconic business in time.

The approval means about 425 stores and 45,000 jobs will be preserved.

Eddie Lamperts's bid through an associated ESL hedge fund overheard opposition from a group of unsecured creditors, including shop owners and vendors who tried to block the sale and pushed hard for liquidation.

On Thursday's decision, the US bankruptcy judge Robert Drain of the Southern District of the New York City rejected the committee's allegations that the sales process was unfair and mistaken, that it closed off other parties who might have been interested in buying the business and that Sears had more value to their creditors if it died than it lived.

Lawyers for Sears and ESL claimed that the sale offered the best deal and also preserved jobs.

Drain is expected to place his order on Friday and make it official.

Chairman Edward Lampert listens during a press conference to announce the merger of Kmart and Sears in New York on November 17, 2004. Gregory Bull / AP file

Even with this latest view, Sear's long-term survival remains a open question. Lampert has not submitted any specific recovery plans, and the company is still facing cutthroat competition from Amazon, Target and Walmart. Meanwhile, the stores see their old and murder.

Lampert steered Sears into bankruptcy protection in Chapter 11 in October. The company's corporate parents, who also own Kmart, had 687 stores and 68,000 employees at the time of filing. At the top in 2012, the stores were numbered at 4,000.

Sears was hit hard during the recession and outperformed in its demand by shifting consumer trends and strong rivals. It has not had a profitable year since 2010, and has had 11 straight years of falling sales.

The original original plan had been rejected by a sub-committee of the Sears Board. ESL sweetened the bid several times before the subcommittee gave it OK.


Source link