A hedge fund owned by Sears Chief Executive Edward Lampert, has made an offer to buy the Kenmore brand of appliances for $400 million.
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The offer was disclosed in a filing with the Securities and Exchange Commission, according to Reuters.
ESL Investments is also offering to buy the company’s home services division Ship for $70 million in cash.
The offer for Kenmore is conditional on ESL receiving equity financing from a potential partner, according to filing. No partner was named.
Lampert has been interested in selling Sears’ key brands and real estate, with ESL Investments bidding in any sale.
Sears formed a special committee in May to explore the proposal.
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Sears reported a net first quarter loss of $424 million, or $3.93 per share, compared with a profit of $245 million, or $2.29 per share, a year earlier.
Revenue fell by nearly 31 percent, mainly due to store closures.
