Sears avoids liquidation as chairman wins bankruptcy auction

Sears Chairman Eddie Lampert won a bankruptcy auction to stop the company's from entering liquidation, according to multiple media reports.

Sears advisers reportedly accepted Lampert's bid of over $5 billion after two days of negotiations.

Through his hedge fund ESL Investments, Lampert has said he plans to keep 400 stores open and up to 50,000 workers employed.

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