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Sears Makes Case to Judge for Rescue Deal with Chairman Lampert

Submitted by jhartgen@abi.org on

The once-mighty Sears department store chain took its fight for survival to a bankruptcy judge yesterday, arguing that the proposed $5.2 billion sale to its chairman, Eddie Lampert, would help save 45,000 jobs and keep 425 stores open, Reuters reported. Bankruptcy Judge <b>Robert Drain</b> said yesterday that he would rule on the sale to Lampert’s ESL Investments Inc. later this week after hearings that were likely to run into Thursday. A lawyer for Sears Holdings Corp. told the court he was hoping the deal would close on Friday, clearing the way for Sears to end its four-month stint in chapter 11 bankruptcy and begin its new life as a private company controlled by Lampert.