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Sears Holdings Corp Stock Surges on Potential Sale of Kenmore & Other Assets

Sears Holdings Corp (NASDAQ:SHLD) stock was on the rise Monday following news that it may sell some its assets.

Sears Holdings Corp Stock Surges on Potential Sale of Kenmore & Other Assets
Sears Holdings Corp Stock Surges on Potential Sale of Kenmore & Other Assets

Source: Mike Mozart via Flickr

Sears Holding Corp says that it has an interest selling the following assets.

  • The Kenmore brand and its related assets.

  • The Sears Home Improvement Products business of the Sears Home Services division.

  • Its Parts Direct business of the Sears Home Services division.

According to Sears Holding Corp, it may already have a potential buyer for these assets. The company notes that ESL Investments, Inc. sent a letter to its Board of Directors showing an interest in buying all or some of the assets.

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Sears Holding Corp says that its Board of Directors has created a Special Committee that will handle the possible sale of the assets. The Special Committee is working with Centerview Partners LLC as its investment banker. Weil, Gotshal & Manges LLP is providing legal counsel to the group.

SHLD notes that the possible sale of its assets is part of its efforts to continue to increase its value to shareholders. The stock has struggled due to store closures and talk of bankruptcy. However, there’s has been some light for Sears Holding Corps stock recently via a deal with Amazon.com, Inc. (NASDAQ:AMZN) for tire installation.

Sears Holdings Corp also points out that there is no guarantee a sale of its assets will take place. The company says it won’t be commenting further on the matter until it deems it necessary.

SHLD stock was up 10% as of Monday afternoon.

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As of this writing, William White did not hold a position in any of the aforementioned securities.

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