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Sears to Stay Open, After Edward Lampert Prevails in Bankruptcy Auction

Thursday 11:46 GMT

Billionaire Edward Lampert won a bankruptcy auction for Sears Holdings Corp., keeping the struggling department store chain from shutting all its remaining stores, according to a person familiar with the matter.

Mr. Lampert, a hedge fund manager who steered Sears into bankruptcy, prevailed by sweetening his roughly $5 billion offer over several days of negotiations with Sears’s board and creditors, the person said.


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