HOFFMAN ESTATES, Ill.—Former retailing giant Sears, which filed for bankruptcy in 2018, is buying online behemoth Amazon by using one of the oldest retail tricks in the book—a layaway plan. Now known as “New Sears,” the once-mighty retailer is down to fewer than 40 locations and has been struggling with inventory issues for years. Its parent company, Transformco, said in a press release that founder Eddie Lampert’s master stroke is finally evident: “Despite enduring harsh criticism and unfair comparisons for years, Mr. Lampert’s genius has finally come to fruition. He cleverly let Jeff Bezos do all the hard work.” One retail analyst said that if the acquisition is finalized by Thanksgiving, on Thursday, Sears’ online revenue is guaranteed to surge on Black Friday. Amazon did not immediately respond to requests for comment. Shares of Sears Holdings Corp (SHLDQ) skyrocketed from $.01 to more than $3,500 a share, while Amazon (AMZN) shares nosedived from more than $3,500 to $.01.
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