The part of Sears that was left after ex-CEO Eddie Lampert won a bankruptcy auction earlier in the year, has had a liquidation plan approved by a judge.
The plan reportedly allows for suppliers and creditors that kept product on the shelves during the bankruptcy, to either wait for their money or take a discounted payment, according to the Wall Street Journal.
Lampert won the auction in February for $5.2 billion dollars, saving 425 stores and 45,000 jobs.
David Wander of Davidoff Hutcher & Citron LLP, a lawyer for a number of Sears vendors and creditors, called the approval of the liquidation plan good news for all Sears creditors.
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Transform Holdco LLC, the firm owned by Lampert’s hedge fund, now owns the business and operations of Sears and Kmart.
However, Sears went from operating more than 2,300 stores at its peak in 2006 — this figure includes Kmart stores, which Lampert merged with Sears in 2005 – to its current totals.
Date: October 10, 2019
Source: Fox Business