CHICAGO, Illinois (WJW) — Sears will stay open. That’s according to a report by the Wall Street Journal.
The WSJ reports Sears Holdings Corp Chairman Eddie Lampert won a bankruptcy auction for the department store chain with a takeover bid of $5.2 billion.
The report says Lampert’s proposal will save up to 45,000 jobs and keep 425 stores open across the United States.
Lampert made the deal through his hedge fund ESL Investments.
Sears, which also owns Kmart, may have been immediately pushed into liquidation if ESL had not won the deal.
Sears, Roebuck and Company have been an American institution since 1893.
The company filed for Chapter 11 bankruptcy protection in October.