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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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- ◦Sale/Acquisition
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