The controversial ex-chairman and ex-CEO of Sears Holdings Corp. (Hoffman Estates, Ill.) has officially inked a deal to purchase the struggling department store chain for $5.2 billion.
A bankruptcy judge approved the purchase by the executive’s ESL Investments last week so the retailer could avoid liquidation by being purchased. Lampert has been vocal about his intentions to downsize but keep some Sears and Kmart stores open.
Following the company shuttering more than 3500 locations as it struggled to survive, Lampert will scale the company’s footprint to just 223 Sears stores and 202 Kmart stores, reports USA Today.
Operating with fewer stores, Lampert has said, will allow for the company to innovate and adapt to the changing retail industry.