Daily News: February 8, 2019

Sears Stores Receive Last-Minute Save by Bankruptcy Court


According to the Associated Press, U.S. Bankruptcy Judge Robert Drain approved the $5.2 billion plan proposed by Sears chairman Eddie Lampert to save 425 stores and 45,000 jobs under the iconic brand.

The AP reported this came after a bitter fight with Sears’ creditor committee, which had tried to block the sale in favor of liquidation.

The AP noted the approval did not necessarily guarantee the long-term survival of the company, as a restructuring plan has not yet been put forward.

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