Deals
Sears CEO Bids $470 Million for Kenmore, Home-Improvement Units
- Lampert’s hedge fund ESL submits a non-binding proposal
- Fund says it will also solicit buyers for real estate assets
A shopper exits a Sears store in Peoria, Illinois.
Photographer: Daniel Acker/Bloomberg
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Edward Lampert wants to slim Sears down so it can stay standing.
Lampert, the chief executive officer of Sears as well as its largest shareholder, is proposing to use his hedge fund ESL Investments Inc. to buy the store’s Kenmore and Sears Home Improvement businesses at a valuation of around $470 million, according to a regulatory filing Tuesday.