Sears said to avoid liquidation, keep stores open

More than 400 Sears stores will stay open thanks to company chairman Eddie Lampert’s winning bid at a bankruptcy auction Wednesday, Reuters reports, citing people familiar with the matter.

Lampert offered $5.3 billion for the company, beating out another bid that would have resulted in closing all the stores and selling the inventory. That plan was supported by most Sears creditors and landlords.

The 126-year old retailer’s website lists 32 Missouri locations, which include hometown stores, auto centers and appliance outlets.

Sears filed for Chapter 11 bankruptcy in October, leading to the closure of three stores in Missouri and one in Kansas City, Kansas.

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