A Sears store in Brooklyn, New York, in October.
A Sears store in Brooklyn, New York, in October. - 
Listen To The Story

Sears filed for bankruptcy in October, and it looked like the retailer was destined to go the way of the dodo. But on Thursday, Eddie Lampert, former CEO and current chairman of Sears, filed a plan with the Securities and Exchange Commission to save Sears. The bid relies mostly on new loans and debt swaps — forgiving some balances and assuming others. It would keep 500 stores open and retain 50,000 of the nearly 70,000 Sears employees. The deal still would still have to be approved by creditors and the bankruptcy judge.

Click the audio player above to hear the full story.

“I think the best compliment I can give is not to say how much your programs have taught me (a ton), but how much Marketplace has motivated me to go out and teach myself.” – Michael in Arlington, VA

As a nonprofit news organization, what matters to us is the same thing that matters to you: being a source for trustworthy, independent news that makes people smarter about business and the economy. So if Marketplace has helped you understand the economy better, make more informed financial decisions or just encouraged you to think differently, we’re asking you to give a little something back.

Become a Marketplace Investor today – in whatever amount is right for you – and keep public service journalism strong. We’re grateful for your support.