A bankruptcy judge said yesterday that he would approve Edward Lampert’s bid to purchase Sears Holdings Corp., a decision that will keep the doors open at more than 400 stores and see 45,000 people keep their jobs, WSJ Pro Bankruptcy reported. Bankruptcy Judge Robert Drain said that he would sign off on Lampert’s $5.2 billion offer to purchase the retailer despite opposition from a number of the company’s creditors, including its big landlords. Lawyers for those creditors had spent the past several days poking holes in Lampert’s bid and arguing he would have trouble keeping the company afloat even if the sale was approved. But Judge Drain in court said yesterday that the Sears chairman and his hedge fund, ESL Investments, have a credible plan to keep 425 stores open immediately, and that the sale marks an opportunity for Sears to better communicate with its vendors and employees.
