Sears exploring sale of Kenmore, other assets
On Monday, May 14, Sears Holdings announced it had formed a special committee to explore the sale of its Kenmore brand and related assets, the Sears Home Improvement Products business of the Sears Home Services division and the Parts Direct business of the Sears Home Services division.
The special committee will perform an independent review of a proposal from the company CEO Eddie Lampert’s hedge fund ESL Investments to buy assets from the ailing business.
Lampert has said his goal is to get Sears back to profitability by running an “asset light” business. The retailer’s sales have been declining at a double-digit percentage for consecutive quarters.