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Sears Considering Sale Of Home Services Division

Sears Home Services - Making moments matter.JPG

Reuters has reported that US retailer Sears is considering selling its Home Services division.

The department store chain went bankrupt in 2018 and as sold for $5.2bn to its largest shareholder - Transformco, which also owns Kmart in the US.

A source told Reuters that Eddie Lampert, the owner of Transformco, is considering the sale having determined that Sears Home Services could achieve a sale price of more than $1bn.  Guggenheim Securities LLC is understood to have been approached to support the potential sale.

Sources also suggested that Transformco could retain partial ownership of the division, which delivers solutions for the entire home, from appliance care to interior and exterior upgrades.

Sears divested its logistic business to Costco for $1bn earlier this year and sold its battery brand DieHard to Advance Auto Parts for $200 million in 2019. 

The chain has closed numerous Sears and Kmart stores, dropping from 425 when it came out of bankruptcy in 2019 to c.90.  Further closures are expected in the near future to bring the store network down to around 65, Reuters was told.

Source : Insight DIY 

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13 July 2020

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