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Partners want ESL to buy Sears Assets



Sears Holdings CEO ESL hedge fund said Tuesday it had received "numerous incoming requests from potential partners" as it made an offer to buy Kenmore and other Sears assets last month.

percent.

Lampert's hedge-fund vehicle is Kenmore, the business of Sears' Home Improvement, the PartsDirect division and buy some of the chain's properties ESL has said it estimates Sears' Home Improvement and PartsDirect businesses together at $ 500 million and would pay them in cash. It has not offered any reviews of Kenmore.

On Tuesday, Lampert explained why ESL is trying to work with third parties: "[I] In the month since our original letter, there has been a significant increase in the market price of Sears' unsecured debt, which could incur the proposed exchange of debt for equity and debt repurchases will be less attractive and more difficult to accomplish, and would have an impact even if such exchanges and buybacks are carried out reduce the planned recapitalization.

"Speed ​​and safety are key here," he added.

In a recent interview with CNBC, Lampert said he needed to "consistently bring the company back into profit." He said the assets under consideration but still working with Sears under a new owner.

Sears has slowly slowed down its store base as its retail sales decline for such a large department store chain at an unprecedented rate dropped more than 50 percent.


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