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US bankruptcy judge accepts sale of Sears to chairman Lampert



NEW YORK (Reuters) – A US bankruptcy judge on Thursday approved the Sears Holdings Corps chairman Edward Elk's acquisition of $ 5.2 billion by the besieged dealer so that the warehouse chain simplified liquidation and preserved tens of thousands of jobs.

Judge Robert Drain approved the sale after a multi-day hearing in a White Plains, NY, federal bankruptcy law. He overruled objections, including from an unsecured creditors committee. These creditors, including vendors and landlords, claimed that they would do better in liquidation and that the process of selling Sears was unfair.

Lampert, the only bidder offer to keep Sears alive through its hedge fund, ESL Investments Inc, agreed on an agreement for 425 stores after a 24-hour negotiation in January. The upper hand aims to preserve about 45,000 jobs.

RELATED: Sears locations closed in November / December

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Sears locations closed in November / December

View gallery [19659009] Golf Mill Shopping Center, 400 Golf Mill Ctr, Niles, IL

Eastern Hills Mall, 4545 Transit Rd, Williamsville, NY

Fairfield Commons Mall, 2727 Fairfield Commons, Beavercreek, OH

San Jacinto Mall, 1000 San Jacinto Mall, Baytown, TX

Broadway Square, 4701 S Broadway Ave, Tyler, TX

Grand Central Mall, 500 Grand Central Ave, Vienna, WV

1500 Fitzgerald Dr , Pinole, CA

6865 Hollister Ave, Goleta, CA 635 Dutchess Turnpike, Poughkeepsie, NY

6626 Metropolitan Avenue, Middle Village, NY

4251 John Marr Drive, Annandale, VA




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(Reporting by Mike Spector and Jessica DiNapoli in New York; Editing Dan Grebler)


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