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Lampert to Get Another Chance at Keeping Sears Afloat

  • Proposal will keep stores open with promise to save jobs
  • Lampert’s offer still needs to be approved by bankruptcy judge
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Sears Files for Bankruptcy After 134 Years in Business
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Eddie Lampert, the dogged billionaire who’s hitched his career and reputation to a fading American retail icon, will get another chance at reviving Sears Holdings Corp.

In an agreement reached in the wee hours of Wednesday in New York, Lampert won an auction with a plan that will keep the bankrupt company in business and save thousands of jobs, according to people with knowledge of the discussions. The agreement still needs to be approved by the U.S. judge overseeing the bankruptcy.