Chairman Edward Lampert’s quest to keep 126-year-old department store Sears alive proved successful at the 11th hour as his firm, ESL Investments, was named the highest bidder at a recent auction.
A person familiar with the matter confirmed the news in an email. The person did not comment further. A spokesperson for Sears declined to comment.
Also citing “people familiar with the matter,” the Wall Street Journal reported Lampert upped his bid from $5.1 billion to $5.3 billion, which will keep about 400 stores open and save as many as 50,000 jobs.
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