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Struggling US department store Sears given lifeline

Sears, the long-troubled US department store chain, is set to stagger on after Billionaire Eddie Lampert, who is chairman of Sears and its former chief executive, won a bankruptcy court auction to purchase the company for $5.2 billion.
 
Assuming it is approved, his plan will keep more than 400 stores open and preserve up to 45,000 jobs.
 
However, some creditors have objected, criticising Mr. Lampert's leadership and lack of a turnaround plan.


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