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.