Sears’ CEO Eddie Lampert Says There is Interest from Potential Partners over Sears Asset Sale

Struggling retailer Sears made headlines recently after the company’s CEO Eddie Lampart’s hedge fund ESL Investments, said it was interested in buying some of the company’s assets, which includes Kenmore.

Lampert said on Tuesday that his fund has received inquiries from “potential partners” that want in on the deal. He is now looking for permission to start engaging with these third parties.

A letter has been written to a special committee of the board and has been filed with the SEC. In the letter, Lampert has asked for permission to talk to the interested parties which will “allow us to put forward a definitive proposal that will result in the most benefit to Sears.”

Lampert said on Tuesday, “[I]n the month since our original letter, there has been a significant increase in the market price of Sears’ unsecured debt that could make the contemplated exchange of debt for equity and debt repurchases less attractive and more difficult to effect and that, even if such exchanges and repurchases are effected, would reduce the impact of the contemplated recapitalization.”

“Speed and certainty here are critical,” he also said.

Disclaimer: We have no position in Sears Holdings Corp. (NASDAQ: SHLD) and have not been compensated for this article.