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.
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View gallery  Golf Mill Shopping Center, 400 Golf Mill Ctr, Niles, IL
(Reporting by Mike Spector and Jessica DiNapoli in New York; Editing Dan Grebler)