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Sears Exploring Sale of Kenmore Brand, Other Assets

Sears Holdings Corporation said that its board had formed a special committee to explore sales of its Kenmore home appliance brand and other assets. The launch of the exploration process comes a few weeks after ESL Holdings, led by Sears CEO Eddie Lampert, made a non-binding proposal to buy Sears Home Improvement and PartsDirect for $500 million, to submit an offer for Kenmore, and to make an offer for Sears’ real estate, including the assumption of $1.2 billion in debt.

The Sears board established a special committee of independent directors to evaluate ESL’s proposal, solicit third-party interest and explore any other alternatives that may maximize value for the company. The committee has retained Centerview Partners LLC to serve as its investment banker, and Weil, Gotshal & Manges LLP to serve as its legal counsel. It made no guarantees that the exploration would lead to a deal.


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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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