Sears announces ESL as winning bid in bankruptcy auction

Gregory Bull | AP

Edward Lampert speaks during a news conference to announce the merger of Kmart and Sears in New York Wednesday, Nov. 17, 2004.

Sears said Thursday that its chairman Eddie Lampert’s hedge fund, ESL Investments, is the winning bidder in the company’s bankruptcy auction.

“We are pleased to have reached a deal that would provide a path for Sears to emerge from the Chapter 11 process,” Sears’ restructuring committee composed of its board of directors said in a press release.

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