Eddie Lampert's hedge fund, ESL, is making a bid to buy the only remaining viable piece of Sears from, well, ESL:
ESL’s proposal valued Kenmore at $400 million, excluding the impact of cash or debt, according to a letter from ESL to a Sears board committee that was filed Tuesday with the Securities and Exchange Commission. A separate proposal valued the Sears Home Services division’s home improvement business at $70 million, with a potential extra $10 million if the company met certain financial benchmarks.
Lampert’s fund’s initial letter offering to buy certain Sears assets and break up the company also included the Sears Home Services Parts Direct business and certain Sears real estate assets. According to the letter, ESL is still considering Parts Direct and plans to work with outside investors on a real estate deal, but wanted to move ahead with the proposal for Kenmore and the home improvement division.
Sears declined to comment.
He murdered Sears and is selling the parts off. Tragic.