Troubled Sears may be selling the storied Kenmore brand.
Sears Holdings Corp. Monday announced that a special committee of its board of directors will 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 company has said that the board received a letter from ESL Investments, Inc. (“ESL”) expressing interest in buying all or a portion of what Sears is calling its “sale assets.”
“The board established the special committee, which consists solely of independent directors, to evaluate ESL’s proposal, to actively solicit third-party interest in the sale assets, and to explore any other alternatives with respect to the sale assets that may maximize value for the company,” Sears said in a release.
The special committee has retained Centerview Partners LLC to serve as its investment banker and Weil, Gotshal & Manges LLP to serve as its legal counsel.
All inquiries from possible third-party purchasers concerning the assets should be directed to Centerview Partners LLC, Sears said.
Retail industry observers have speculated that Sears — formerly a retail giant once seen as the Amazon of its day — may seek bankruptcy protection this year. At the end of 2017, Sears’ sales were down 45 percent since early 2013, and its debt had risen to more than $4 billion.