After nearly two years of failing to find buyers for its Kenmore appliance brand and other units, Sears Holdings is now weighing an offer from its CEO, Edward S. Lampert. A letter to Sears’ board from ESL Investments over Lampert’s signature makes non-binding proposals 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.
“In our view, pursuing these divestitures now will demonstrate the value of Sears’ portfolio of assets, will provide an important source of liquidity to Sears, and could avoid any deterioration in the value of such assets,” Lampert wrote in a letter made public Monday.
An independent committee of Sears directors will review ESL’s proposal. The Hoffman Estates, IL-based retailer said it wouldn’t comment further “unless and until it determines that additional disclosure is appropriate.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).
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