Sears escapes the closure of its 400 stores



The president of the Sears department store chain, Edward Lampert, has reached an agreement of about 5,000 million dollars with the liquidators to buy back the company and avoid the closure of 400 stores.


After several days of negotiations on the auction of assets, an improved proposal was imposed by Lampert, owner of the high-risk fund ESL Investments, which aims to maintain the firm's 126 years and some 50,000 jobs, according to The Wall Street Journal.


Sears filed for bankruptcy before a court in New York on October 15 after seven years of losses, which reached 11 billion dollars, and this rescue plan has yet to be approved by the judge during a hearing scheduled on 1 February


Lampert has made several offers since last month that have been rejected by the firm, in charge of the liquidation because they fall short in value, but the judge would have advocated for an agreement to be closed to keep the company open.


In this last offer of the president there is a clause of 1,300 million dollars of "credit offer", according to which part of the agreement will be financed by a debt forgiveness to its ESL fund.


The deal was closed at dawn on Wednesday, after ESL agreed to pay 150 million more to take over Sears, as well as taking on more financial responsibilities.


However, some creditors do not trust the offer of Lampert, have recalled controversial decisions that took as CEO of the company and could appeal the offer, delaying the final decision of the judge to January 31, collects CNBC.


When it declared bankruptcy, the company had about 700 stores throughout the US, so the agreement involves the closure of 300 to meet the objective of the offer. EFEUSA



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