Practice English Speaking&Listening with: Sears Chairman Eddie Lampert wins $5.2 billion auction to save company
APPARENTLY UP TO 16 PEOPLE WERE
KILLED IN THIS ATTACK.
>>> LET US TALK ABOUT SEARS FOR
A MOMENT.
WE HAD ALREADY MENTIONED THAT
IT'S GOTTEN SORT OF A NEW LEASE
ON LIFE, IF YOU WANT TO CALL IT
THAT.
IT'S BEEN GIVEN A $5.2 BILLION
SHOT OF LIFE SUPPORT.
WE ARE EXPECTING AN OFFICIAL
ANNOUNCEMENT BUT SEARS HOLDINGS
CEO EDDIE LAMPERT HAS PONIED UP
THROUGH HIS HEDGE FUND TO SAVE
THE RETAILER.
THE STOCK WHICH IS JUST 77 CENTS
A SHARE IS UP 55% RIGHT NOW.
ALL IT TOOK WAS A GAIN OF 27
CENTS.
TRADING VOLUME, 16.3 MILLION
SHARES.
IT'S BARELY HANGING ON HERE BUT
WHAT DOES THE DEAL MEAN FOR
AVOIDING ULTIMATE EXTINCTION IN
THE SO-CALLED RETAIL ICE AGE?
TO HILLARY VAUGHN LIVE IN L.A.
YOU HAVE SPOKEN WITH ANALYSTS
AND EXPERTS IN THE RETAIL AREA.
WHAT'S THE GENERAL FEELING ABOUT
THIS DEAL?
REPORTER: WELL, ANALYSTS I
TALKED TO THINK THIS BILLION
DOLLAR BUYOUT ISN'T GOING TO BE
ENOUGH TO SAVE SEARS.
THEY DON'T THINK IT'S GOING TO
WORK, AT LEAST NOT WITHOUT SOME
MAJOR CHANGES TO THE COMPANY.
EARLIER THIS MORNING, FORMER
SEARS CEO AND BILLIONAIRE EDDIE
LAMPERT WON THE BANKRUPTCY
AUCTION TO SAVE SEARS FROM
LIQUIDATION.
THE MOVE WOULD SAVE OVER 45,000
JOBS AND KEEP OVER 400 SEARS
STOREFRONTS OPEN.
LAMPERT UPPED HIS BID FROM $4.4
BILLION TO $5.2 BILLION, WINNING
THE AUCTION AND BEATING OUT A
DUELING BID THAT WOULD HAVE SOLD
SEARS FOR PARTS, LIQUIDATING
EVERYTHING FOR CASH.
THAT BID TO LIQUIDATE WAS
LARGELY SUPPORTED BY GROUPS THAT
ARE OWED MONEY LIKE SEARS'
CREDITORS AND LANDLORDS WHO ARE
LOOKING TO GET PAID.
THE FINAL OFFER WILL HEAD TO
COURT FOR APPROVAL.
THE JUDGE HAS TO SIGN OFF ON THE
BID AT A SALE HEARING HAPPENING
FEBRUARY 1st IN WHITE PLAINS,
NEW YORK.
THE JUDGE OVERSEEING THAT,
ROBERT DRAIN, HAS [ INAUDIBLE ]
TO LAMPERT TO MAKE A DEAL.
ANALYSTS I TALKED TO TODAY THINK
THIS LAST-DITCH EFFORT TO KEEP
SEARS BRAND ALIVE IS JUST
DUMPING MORE CASH INTO A COMPANY
THAT'S BEEN DYING OFF FOR
DECADES, TELLING ME IT'S QUOTE,
TOO LITTLE, TOO LATE, WITHOUT
FUNDAMENTAL REINVESTMENT IN THE
BRAND, SERVICE AND MULTI CHANNEL
RELEVANCE.
ANOTHER ANALYST TELLING ME
LAMPERT'S LEADERSHIP IS GOING TO
BE THE THING THAT SEALS SEARS'
FATE SAYING QUOTE, THE LARGEST
SHAREHOLDER WON A BANKRUPTCY
AUCTION, IT IS THE SAME
LEADERSHIP THAT LED TO ITS
DEMISE, SO SOME INVESTORS DOUBT
CONSUMERS TAKE THE COMPANY
SERIOUSLY AND ARE CONCERNED
SHOPPERS HAVE ALREADY FOUND
OTHER OPTIONS.
THEIR LOYALTIES HAVE GONE TO
OTHER COMPANIES.
LIZ?
LIZ: THANK YOU VERY MUCH.
I FEEL TERRIBLE BECAUSE YOU
REMEMBER THESE NAMES THAT HAVE
BEEN OUT THERE AND YOU LISTENED
TO YOUR PARENTS TALKING ABOUT
THE SEARS CATALOG AND HOW GREAT
IT WAS.
IT REALLY IS SAD.
