NEW YORK: Sears Holdings Corp won US bankruptcy court approval on Thursday to move forward with plans to stay in business and sell itself, even as it continues to evaluate offers to liquidate its business.
The 125-year-old retailer, which filed for Chapter 11 bankruptcy last month, faces opposition to its plan to sell from some creditors, who argued in court papers that Sears would be squandering hundreds of millions of dollars by pursuing a sale instead of winding down its business.
To address the creditors’ concerns, attorneys for Sears said the retailer would be considering offers for its business from liquidation firms that sell companies’ assets in pieces and shut them down.
Liquidators won an auction for the assets of sporting goods retailer Sports Authority in 2016 and then sold them off in pieces. Retailer Toys “R” Us decided to liquidate this year, shutting all of its US brick-and-mortar shops. — Reuters
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