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Sears CEO Lampert Offers to Buy Sears Businesses
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.”
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