A Hail Mary bid to save Sears
Sears filed for bankruptcy in October, and it looked like the retailer was destined to go the way of the dodo. But on Thursday, Eddie Lampert, former CEO and current chairman of Sears, filed a plan with the Securities and Exchange Commission to save Sears. The bid relies mostly on new loans and debt swaps — forgiving some balances and assuming others. It would keep 500 stores open and retain 50,000 of the nearly 70,000 Sears employees. The deal still would still have to be approved by creditors and the bankruptcy judge.
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