A U.S. bankruptcy judge on Thursday approved Sears Holdings Corp Chairman Edward Lampert’s $5.2 billion takeover of the beleaguered retailer, allowing the department store chain to avert liquidation and preserve jobs.
The New York-based sports and footwear retailer announced on Tuesday that it has realigned its organizational operating model into three geographical regions, appointing the new divisions’ leaders from within.
Sears department store chain took its fight for survival to a bankruptcy judge on Monday, arguing the proposed $5.2 billion sale to its chairman, Eddie Lampert, would help save 45,000 jobs and keep 425 stores open.
Sears’ unsecured creditors have filed an objection to the deal proposed by chairman Eddie Lampert to save the bankrupt retailer, claiming its failure was “precipitated by years of years of misconduct” by the executive.
Children’s clothing retailer Gymboree Group Inc filed for Chapter 11 bankruptcy protection, the second time in almost two years, and said on Wednesday it will close more than 800 Gymboree and Crazy 8 stores.
Sears said on Thursday its chairman Eddie Lampert won a bankruptcy auction for the U.S. department store chain with an improved takeover bid of $5.2 billion, allowing the 126-year-old retailer to keep its doors open.