Sears will live on-- at least for now.The company's chairman and largest shareholder and chairman, Eddie Lampert, won a bankruptcy auction for Sears in New York, averting liquidation of the iconic chain, according to a source familiar with the negotiations. The person agreed to speak on condition of anonymity because they were not authorized to discuss the negotiation publicly.Lampert was the only one to put forth a proposal to rescue the floundering company in its entirety. He had sweetened his bid multiple times to more than $5 billion over the last few days through an affiliate of his hedge fund ESL. Details of the final terms couldn't be learned. Continue reading...
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