Sears exploring sale of more assets
A special committee of the board of directors of Sears is initiating a formal process to explore the sale of its Kenmore brand and other related assets.
Sears Holdings said Monday it has formed a special committee to independently review a proposal from CEO Eddie Lampert's hedge fund, ESL Investments, to buy some assets from the department store chain.
The company said it's initiating a "formal process" to explore the sale of the Kenmore brand, its Parts Direct business and portions of Sears' Home Improvement division.
The company added that it's considering "other alternatives ... that may maximize value" for Sears.
In ESL's proposal sent to Sears last month, the hedge fund said it would also consider making a bid for some of the retailer's real estate assets.
Sears has shuttered hundreds of stores over the years to raise cash to fund operations and put money into its pension plan.