Ex-CEO bids more than $5 billion to keep Sears open
The man who steered Sears into bankruptcy just bought the retailer in a bankruptcy auction. Eddie Lampert bid more than $5 billion to acquire the company — of which he and his hedge fund, ESL Investments Inc., are already the largest creditors and shareholders. The deal forgives $1.3 billion in debt owed to ESL. It also releases Lampert from liability for a series of spinoffs that some creditors allege drained assets from the retailer. The deal still needs to be approved by the supervising judge.
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