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U.S. judge approves sale of Sears to chairman Lampert

Staff Writer |
A U.S. bankruptcy judge on Thursday approved Sears Holdings chairman Edward Lampert’s $5.2 billion takeover of Sears.

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Judge Robert Drain approved the sale after a hearing spanning several days in a White Plains, N.Y., federal bankruptcy court.

He overruled objections, including from an unsecured creditors committee, which said the process for selling Sears was unfair to them and argued for a liquidation.

Lampert, the only bidder offering to keep Sears alive through his hedge fund, ESL Investments Inc, agreed to a deal for 425 stores after round-the-clock negotiations in January. The takeover aims to preserve about 45,000 jobs.

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