Sears bankruptcy: U-Haul, Dick's Sporting Goods could buy stores, report says
Several prominent companies have expressed interest in purchasing Sears and Kmart store locations as the bankrupt retailer considers whether to accept a $4.6 billion bid from former CEO Eddie Lampert, according to a report Tuesday.
Sears Holding Corp. tapped commercial real estate firm Jones Lang LaSalle to explore potential deals for its roughly 500 remaining U.S. stores, Bloomberg reported, citing sources familiar with the matter. Dick’s Sporting Goods, U-Haul, Burlington Stores and At Home Group are among the companies said to have expressed interest in buying some store locations.
Burlington and U-Haul have confirmed their interest. Dick’s Sporting Goods and At Home have yet to publicly comment on the matter.
Last week, Lampert submitted a $4.6 billion bid to buy about 500 Sears and Kmart stores and $1.8 billion in remaining inventory. The Sears Holding Corp. chairman said his bid, if approved, would seek to rework the company to focus on “a rightsized network of large format and small retail stores, digital assets and interdependent operating businesses.”
Sears declared bankruptcy last October after years of weak sales. The company shuttered 142 underperforming store locations as part of the filing.
Potential bidders have until late December to submit their offers.