Categories Retail

Sears looking at Kenmore sale

Sears Holding Corp. (SHLD) has started the official process to explore the sales of its Kenmore brand along with its home service and parts businesses. Last month, CEO Eddie Lampert had urged the board to sell off certain parts of the business and had even offered to buy them.

Lampert, a major shareholder in Sears through his hedge fund ESL Investments, could end up eventually buying Kenmore. Sears has appointed a special committee to oversee the sales process. The news sent Sears’ shares soaring for a brief time before retreating to a modest pace.

Sears has been struggling for a long time and the company is trying to stay afloat through store closures, cost-cutting and debt repayment extensions. The retailer sold its Craftsman brand last year to Stanley, Black & Decker.

It also sold over 200 stores to a real estate firm where Lampert is a stakeholder. Along with the Kenmore brand and its two business divisions, ESL also offered to buy real estate assets from Sears. ESL said its aim was to get the highest value possible for Sears.

Over the past couple of years, Sears has split parts of its business and sold them off. It also continues to close down several of its stores. These measures are expected to help reduce debt and bring in more cash.

The company recently entered into an agreement with Amazon (AMZN) for the purchase and installation of tires. Despite these efforts and Lampert’s optimism that Sears could regain profitability, there still remains doubts that that the company will be able to survive.

Most Popular

FDX Earnings: FedEx Q1 adjusted earnings drop; revenue up 5%

Cargo giant FedEx Corporation (NYSE: FDX) Thursday reported a decline in first-quarter adjusted earnings, despite an increase in revenues. The company also provided guidance for fiscal 2023. Net income, adjusted

Key highlights from Darden Restaurants (DRI) Q1 2023 earnings results

Darden Restaurants, Inc. (NYSE:DRI) reported first quarter 2023 earnings results. Total sales increased 6.1% year-over-year to $2.4 billion, driven by blended same-restaurant sales growth of 4.2%. Net earnings amounted to

ACN Earnings: Key quarterly highlights from Accenture’s Q4 2022 financial results

Accenture (NYSE: ACN) reported fourth quarter 2022 earnings results today. Total revenues were $15.4 billion, up 15% year-over-year in US dollars and up 22.4% in local currency. Net income attributable

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top