[ad_1]
Sears Holdings
Corp.
has landed its first bidder for one of its assets, the home renovation sector.
Service.com, a website that helps consumers find local professionals who specialize in home improvement services, has submitted a $ 60-million offer to Sears Home Renovation Company, a division of home of Sears.
The "harassment horse proposal" would set the floor price at the first bankruptcy bid for one of Sears assets, according to court papers filed on Saturday.
On December 13, an auction was proposed and Sears will seek court approval on December 18. The company will seek schedule approval on November 15 from Judge Robert Drain of the US Bankruptcy Court in White Plains. New York
Home Improvement provides services across the country and has more than 2,000 active service professionals and independent contractors. Court documents show that the vast majority of activities are distinct from Sears retail operations.
The sale of the Home Improvement business comes as Sears aims to sell its 400 most profitable stores, as well as other assets.
The retailer applied for Chapter 11 protection in mid-October and immediately assigned the approximately 400 profitable stores for sale.
However, there is still more time to market and sell the stores. An auction is scheduled for January 14, subject to court approval, and the sale must be finalized no later than February 8.
The sales schedule has been put in place by some of the Sears lenders who provide the company with a bankruptcy financing program. Bank of America N.A.,
Wells Fargo
& Co. and Citibank N.A. are among the bank lenders who made a $ 1.83 billion bankruptcy loan, including $ 300 million in new currency.
According to the court documents, besides the stores, the company has the option to include other assets in this sale. The company is also seeking to sell its Kenmore and DieHard brands.
ESL Investments, the hedge fund run by Sears president and former chief executive, Edward Lampert, has engaged in talks to bid on these profitable stores, Sears said at the start of the bankruptcy case. Mr. Lampert, who is also Sears' largest creditor and shareholder, has initiated discussions for a second bankruptcy loan.
These discussions are still ongoing, recently said a lawyer of the company.
Write to Lillian Rizzo at [email protected]
Source link
