The Wall Street Journal: Judge approves Sears plan to sell its best-performing stores

Sears Holdings Corp. won court approval to pursue a sale of its best stores, a process that would be the retailer’s only hope of avoiding liquidation.

Judge Robert Drain of the U.S. Bankruptcy Court in White Plains, N.Y., on Thursday signed off on the company’s sale timeline to sell at least 400 of its best-performing stores.

The company must find a so-called stalking horse, or lead bidder, by Dec. 15, which would set the floor price for other offers. If there is more than one qualifying bid for the stores, an auction would be held in mid-January.

Sears SHLDQ, -16.84% has pegged its future to the sale of these stores since its Oct.

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