Sears avoids executioner’s axe

On a day when Sears was preparing to go out of business for good, an 11th-hour deal will keep the retailer’s doors open for now. On Tuesday, Sears announced it it had accepted a bid of $4.4 billion from its chairman Eddie Lampert that will keep 425 Sears and Kmart stores open. The company filed for bankruptcy last October and was reportedly preparing to liquidate and shut down completely before accepting Lampert’s offer. About 50,000 employees will keep their jobs with the deal.