Eddie Lampert won a bankruptcy auction for Sears with a plan that will keep the bankrupt retailer in business and seek to save tens of thousands of jobs, according to a person with knowledge of the discussions.
Lampert’s bid prevailed over competing proposals from liquidators that would have forced the 126-year-old department store chain to shut down and sell its assets. The bid is valued at over $5 billion and represents an improvement of more than $150 million over the hedge fund manager’s previous offer, the person said, asking not to be identified because the talks are confidential.