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Sears to Stay Open After Lampert Prevails in Bankruptcy Auction

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Late Tuesday night, billionaire Edward Lampert’s bid to keep Sears Holdings Corp. alive was all but dead. A few hours later, the hedge-fund manager walked away with what he wanted: continued control of the retailer he ran into bankruptcy court.

By kicking in an extra $150 million at the last minute, the Sears chairman’s $5.3 billion offer trumped a plan by some creditors to liquidate the unprofitable company and close all its remaining stores, said people familiar with the matter. Unhappy with the outcome, those creditors…

Source: WSJ.com: US Business
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