On one side are attorneys for the 133-year old retailer, arguing that Sears Chairman Eddie Lampert should be able to buy 425 Sears and Kmart stores. Lampert also wants to buy some of Sears' best known brands, such as Kenmore appliances and DieHard batteries. They say a new, smaller Sears can be profitable and competitive.
On the other side are attorneys for a committee of creditors, including landlords and vendors, owed more than $3 billion. They argue Sears stands no chance to survive long term, and it should be shuttered and liquidated.
The decision rides with US Bankruptcy Court Judge Robert Drain, who has been hearing the case since Sears filed for bankruptcy in October. Drain has repeatedly expressed a desire to save the jobs of as many of Sears' employees as possible.
Drain's decision rides on what he thinks is best for creditors. He has heard two days of arguments and testimony already this week and is prepared to hear closing arguments from the two sides Thursday morning. He said he may rule from the bench at the conclusion of the hearing.
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