The new chief executive officer marks the teen retailer’s fourth since last year.
Bruce Berkowitz founded hedge fund Fairholme Capital and has been a big supporter of Sears in recent years.
The perfume and beauty chain moved through its bankruptcy at a rare clip.
The approval paves the way for True Religion’s exit from bankruptcy court proceedings.
The ceo has long been floating Sears operations and the latest infusion looks poised to get it through the holiday season.
The recovery for unsecured creditors is expected to be around 5 cents on the dollar.
The group will fork over an additional $4.2 million to acquire the business.
With the two big hedge funds no longer considering a bid for Sears Canada, others might decide to make an offer.