Sears Saved from Liquidation by Chairman's Deal

The $5.2 billion deal will keep doors open, for now.

Sears Holdings Edges Closer To Liquidation
Getty ImagesSpencer Platt

Sears is not being liquidated, at least not immediately. Sears Holdings Corp Chairman Eddie Lampert was able to win a bankruptcy auction for the retailer with a $5.2 billion bid, .

The deal follows a series of behind-closed-doors negotiations that seemed likely to turn in favor of total liquidation until Lampert won out by upping the value of his buyouts with both cash and a willingness to take on additional liability for the 126-year-old company which employs 45,000 at some 425 stores.

The deal is not finalized yet, as it must first be approved by U.S. bankruptcy court. In the meantime, some creditors are taking issue with the deal, . Given the back and forth so far, it's still possible there will be another twist in the story, but things are looking good for Sears, at least for the moment. This is, after all, just the start of a very long road back to profitability.

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