Eddie Lampert Bids $400 million for Kenmore

    Earlier this week Sears Holdings CEO Eddie Lampert has offered the beleaguered retailer $400 million for iconic but tarnished private brand Kenmore. The offer comes from his hedge fund, ESL Investments. The bid comes four months after Lampert wrote a letter to the Sears Board of Directors, urging the company to sell the brand.

    A separate proposal valued Sears Home Improvement at $70 million, with a potential extra $10 million if the retailer met specific financial benchmarks.

    “Completing the acquisitions of Kenmore and Sears Home Improvement will enable Sears to improve its debt profile and liquidity position, creating the runway to help continue its transformation, and allow these businesses to unlock their considerable potential by further expanding their presence in the marketplace,” according to a statement from Lampert. He is prepared to close the deal in as little as 60 to 90 days.

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    Christopher Durham
    Christopher Durham is the president of My Private Brand and the co-founder of The Vertex Awards. He is a strategist, author, consultant and retailer who built brands at Delhaize-owned Food Lion, and lead strategy and brand development for Lowe’s Home Improvement. He has consulted with retailers around the world on their private brand portfolios including: Family Dollar, Petco, Staples, Office Depot, Best Buy, Metro (Canada), TLW (Taiwan) and Hola (Taiwan). Durham has published five definitive books on private brands, including his first book, Fifty2: The My Private Brand Project. In 2017, he will debut his newest book, Vanguard: Vintage Originals, a visual tour of innovation and disruption in private brand going back to the mid-1800’s. Dynamic in his presentation while down to earth and frank in his opinions, he has presented at numerous conferences, including FUSE, The Dieline Conference, Packaging that Sells, Omnishopper and PLMA’a annual trade show in Chicago. Durham lives in Charlotte, NC with his wife, Laraine, and two daughters, Olivia and Sarah.