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Investment at Sears to save 45,000 jobs

US department store chain Sears has received $5.2bn (£4bn) in investment that could preserve 45,000 jobs.

Hedge fund investment company ESL Investments won a bankruptcy court action to purchase the chain, subject to court approval and closing conditions.

The transaction is expected to close on 1 February.

The Restructuring Committee of the Board of Directors said: “We are pleased to have reached a deal that would provide a path for Sears to emerge from the chapter 11 process. Importantly, the consummation of the transaction would preserve employment for tens of thousands of associates, as well as the relationships with many vendors and suppliers who provide Sears with goods and services.”

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