Sears exploring sale of home improvement business
Move would be the latest asset sale by former retail icon
Malls, retailers struggle to survive coronavirus impact
Malls and retailers are fighting to survive amid the coronavirus pandemic as 25,000 stores have already closed in 2020. FOX Business' Jeff Flock with more.
Sears is exploring a sale of its home improvement business following interest from potential suitors such as private equity firms, people familiar with the matter said on Wednesday.
The struggling U.S. retailer’s Sears Home Services division has emerged as a coveted asset during the COVID-19 pandemic, as consumers embark on renovations while they stay home.
MALL OF AMERICA WANTS CONTROL OF EMPTY SEARS STORE
The division is one of the department store operator’s few crown jewels following its bankruptcy in 2018 and $5.2 billion sale to hedge fund manager Eddie Lampert, who was already its biggest shareholder and creditor.
SEARS, KMART CLOSING MORE STORES - HERE'S THE LIST
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SHLDQ | SEARS HOLDINGS CORP. | 0.32 | +0.01 | +3.16% |
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Transformco, the owner of the Sears and Kmart retail chains, could raise at least $1 billion by divesting the home improvement business, the sources said. Sears has tapped investment bankers at Guggenheim Securities LLC to explore selling the business, the sources said.