A bankruptcy judge has blessed a $5.2 billion plan by Sears chairman and biggest shareholder to keep the iconic business going.

The approval means roughly 425 stores and 45,000 jobs will be preserved.

Eddie Lampert91裸聊视频檚 bid through an affiliate of his ESL hedge fund overcame opposition from a group of unsecured creditors, including mall owners and suppliers, that tried to block the sale and pushed hard for liquidation.

In delivering his decision Thursday, U.S. Bankruptcy Judge Robert Drain for the Southern District of New York rejected the committee91裸聊视频檚 claims that the sale process was unfair and flawed, that it shut out any other parties who could have been interested in buying the business and that Sears had more value to its creditors if it died than if it lived.

Lawyers for Sears and ESL argued that the sale offered the best deal and also preserved jobs.

Drain is expected to enter his order on Friday, making it official.

Even with this latest reprieve, Sears91裸聊视频� long-term survival remains an open question. Lampert hasn91裸聊视频檛 put forth any specific reinvention plans and the company still faces cutthroat competition from Amazon, Target and Walmart. Meanwhile, its stores look old and drab.

Lampert steered Sears into Chapter 11 bankruptcy protection in October. The company91裸聊视频檚 corporate parent, which also owns Kmart, had 687 stores and 68,000 employees at the time of the filing. At its peak in 2012, its stores numbered 4,000.

Sears was hard hit during the recession and outmatched in its aftermath by shifting consumer trends and strong rivals. It hasn91裸聊视频檛 had a profitable year since 2010 and has suffered 11 straight years of declining sales.

Lampert91裸聊视频檚 original plan had been rejected by a subcommittee of the Sears board. ESL sweetened the bid several times before the subcommittee gave it the OK.

A group of unsecured creditors, who rank at the bottom of the list to be paid, filed objections to the sale, alleging falsified financial projections, excessive buybacks, and a spinoff of key brands that stripped the business of key assets.

91裸聊视频淭he tortured story of Sears reads like a Shakespearean tragedy,91裸聊视频� the group said. 91裸聊视频淟ampert and ESL managed Sears as if it were a private portfolio company that existed solely to provide the greatest returns on their investment, recklessly disregarding the damage to Sears, its employees and its creditors.91裸聊视频�

Lampert personally owns 31 per cent of the Sears91裸聊视频� outstanding stock, and his hedge fund has an 18.5 per cent stake, according to FactSet. He stepped down as CEO in October after serving in that role since 2013.

Under Lampert91裸聊视频檚 watch, Sears has survived in part by spinning off stores and selling well-known brands like Craftsman tools. He has also lent some of his own money.

Lampert has been criticized for not investing in his stores. Even Senator Elizabeth Warren, a Massachusetts Democrat and potential presidential candidate, has attacked him and questioned his commitment to Sears workers.

91裸聊视频淚 am concerned that under your leadership, Sears may continue to struggle and employees will continue to face uncertainty and anxiety over their future employment, and ongoing risks to their benefits and economic security,91裸聊视频� Warren wrote in a letter to Lampert made available to The Associated Press by a worker advocacy group.

One of the lawyers for Lampert91裸聊视频檚 hedge fund testified earlier this week that the 56-year-old billionaire has been portrayed as a cross between J.Gould, the late railroad tycoon, and Barney Fife, a fictional character in the popular TV show 91裸聊视频淭he Andy Griffin Show.91裸聊视频�

Drain, the bankruptcy judge, acknowledged that Lampert had been subject to 91裸聊视频渧erbal abuse.91裸聊视频�

91裸聊视频淗e is a wealthy individual and a big boy,91裸聊视频� Drain said. 91裸聊视频淎nd I guess he can take it.91裸聊视频�

But he added that Lampert 91裸聊视频渉as an opportunity to not be a cartoon character.91裸聊视频�

Anne D91裸聊视频橧nnocenzio, The Associated Press

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