Sears to stay open for now

Sears, Inc. Chairman Eddie Lampert has won a bankruptcy auction for Sears with a plan that will keep the retailer open and save over 50,000 jobs. The news was reported by Bloomberg. Lampert's bid won over other proposals that would have forced the retailer to liquidate and sell its assets. The bid is valued at 5 billion dollars, which is a 150 million dollar improvement over the hedge fund manager's previous offer.