Sears HoldingsCorp.Service.com, a website that helps consumers find local home care professionals, has made a $ 60 million offer to…
Service.com, a website that helps consumers find local home care professionals, has made a $ 60 million offer to Sears Home Improvement, a unit in the Sears Home Services division.
The proposed stalking Horse Bid would set the floor price at the first bankruptcy auction for one of Sears’ assets, according to court documents filed on Saturday.
Auction date of December 13 has been proposed, and Sears should seek court approval of the sale on December 18th. The company will seek approval of the timeline on November 15 from Judge Robert Drain of the US Bankruptcy Court in White Plains, NY
The Home Improvement Service provides services across the country and has more than 2,000 active officials and independent service companies. Legal documents show that most stores are separate from Sears retail.
The sale of the Home Improvement business comes as Sears aims to sell its 400 most profitable stores, as well as other assets.
The dealer sought Chapter 1
1 protection in mid October and immediately earmarked the approximately 400 profitable stores for sale.
There is more time to market and sell the stores. An auction will be sent to January 14, pending court approval, and the sale must be sold no later than February 8th.
The sales timeline was introduced by some of Sears lenders who give the company a bankruptcy financing package. Bank of America, N.A.,
& Co. and Citibank NA is among the bank’s lenders who have given a $ 1.83 billion loan, which includes $ 300 million in new money.
In addition to the stores, the company has the opportunity to include other assets in the sale of court papers. The company also wants to sell its brands Kenmore and DieHard.
ESL Investments, the hedge fund operated by Sears Chairman and former CEO Edward Lampert, has been in discussions to bid on profitable stores, Sears said at the beginning of the bankruptcy case. Lampert, who is also Sears largest creditor and shareholder, has been in discussions to provide a secondary bank loan.
These discussions are still ongoing, a business lawyer recently said in court.
Write to Lillian Rizzo at [email protected]