Reports: Judge extends Sears lifeline to mid-January
After Tuesday reports of an imminent dissolution, Sears Holdings reached the outline of a bankruptcy deal agreement that could keep more than 400 of its remaining stores open under its chairman Edward Lampert, depending on the outcome of a mid-January auction.
Multiple outlets reported the development Tuesday evening, after reports earlier in the day that the Sears board had rejected a $4.4 billion offer from Lampert’s ESL Investments hedge fund putting it on a path to liquidation.
Sears has been closing stores nationally, including its Connecticut Post Mall department store in Milford and a nearby Kmart. The company’s last department store is in southwestern Connecticut, with the company in the process of closing a Sears in Meriden and continuing to operate another in Manchester.
Alex.Soule@scni.com; 203-842-2545; @casoulman