Sears chairman wins bankruptcy auction bid, Joplin Northpark Mall store to remain open for now

The Sears store at Joplin's Northpark Mall and the other approximately 450 stores in the U. S. will not be liquidated.

Sears Chairman Eddie Lampert's bid of $5.2 billion won the bankruptcy auction, it was announced Thursday.

Only one obstacle remains.

There remains a chance the deal could fall apart, as it still must be documented and approved by a US bankruptcy judge.

A hearing to approve the sale is scheduled for Feb. 1 and, if successful, the transaction is expected to close on or about Feb. 8, Sears said.

Lampert’s only challenger in the auction was Sears itself, and how much it would reap in a sale of its businesses and assets in pieces, sources familiar with the matter told Reuters on Wednesday.