FINANCE

It’s official: ESL Investments, the hedge fund run by Sears Holdings Corp. chairman Eddie Lampert, has completed its acquisition of the bankrupt company for approximately $5.2 billion.

Last week, a bankruptcy court judge approved ESL’s offer, clearing the way for Sears to exit bankruptcy and remain in business as a going concern. Following its ongoing (and previously announced) round of store closures, the new Sears will be made up of 223 Sears and 202 Kmart stores, along with such brands and operating businesses as Kenmore, DieHard, Craftsman, Sears Home Services, Sears Auto Centers and Innovel.

The company will be led by the same management team that constituted the “Office of the Chief Executive” of Sears Holdings, consisting of Robert A. Riecker, CFO; Leena Munjal, chief digital officer; and Greg Ladley, president, softlines. (The office was put in place when Lampert stepped down as CEO.). Sears said it intends to conduct a search for a CEO with a record of success “in managing platform businesses and effectuating large-scale dynamic transformations.”

“The best possible outcome has now been realized…