Court gives Sears new life, allows Chairman Eddie Lampert another chance to save retailer - CNBC
CNBC - Tue 8 Jan 19:50 GMT

Court gives Sears new life, allows Chairman Eddie Lampert another chance to save retailer - CNBC

A bankruptcy judge is giving Sears Chairman Eddie Lampert another chance to buy the company out of bankruptcy and save roughly 50,000 jobs.

  A bankruptcy judge is giving Sears Chairman Eddie Lampert another chance to buy the department store chain out of bankruptcy and save roughly 50,000 jobs.

  Sears on Tuesday had planned to tell the bankruptcy court it had rejected Lampert's $4.4 billion offer to buy the retailer, after it fell short of covering its bankruptcy expenses.

  Lampert, though, protested the decision, highlighting the millions in fees that Sears' bankruptcy advisors have tallied, a person familiar with the situation told CNBC.

  Sears will then allow Lampert to participate in a previously scheduled auction on Monday, when it will compare ESL's offer to others by liquidators.

  Since Sears filed for Chapter 11 bankruptcy protection on Oct. 15, Lampert has been fighting to keep a few hundred Sears and Kmart stores open.