NH Sears Stores Rescued In 11th Hour Bankruptcy Court
The iconic brand was kept alive thanks to a new 5.2 billion dollar deal.
With New Hampshire locations, in Concord, Conway, West Lebanon, Nashua, Newport, and Swanzea, Sears will continue, as part of deal which will save close to 45,000 jobs nationwide.
According to Pix 11, Sears's biggest shareholder, Eddie Lampert’s made a bid through an affiliate of his ESL hedge fund. A bankruptcy judge allowed the $5.2 billion which wasn't without opposition. A number of mall owners and suppliers tried to block the sale and pushed hard for the company’s liquidation. The judge rejected the group’s claims that the sale process was unfair and flawed, that it shut out any others who could have been interested in buying the business and that Sears had more value to its creditors if dissolved.
Sears was hard hit during the recession years ago, and was unable to keep up in the ensuing years. Sears has suffered 11 straight years of declining sales.