Iconic US retailer Sears saved from the brink - for now: reports

Historic but failing US retail chain Sears got a reprieve on Wednesday after a billionaire hedge fund manager won an auction to keep the remaining stores alive -- for now, according to reports. Edward Lampert, who steered the company into bankruptcy last year in order to restructure it, won the bid to buy the remaining assets, beating out others who would have killed off the brand, according to news reports. The deal with Lampert's ESL hedge fund could keep up to 50,000 people in work and 425 stores open, but requires approval from a bankruptcy court.

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