Sears Holdings Corp. says a special committee of its board is starting a formal process to explore the sale of its Kenmore brand and related assets.
The move, announced Monday, comes almost a month after the retailer said it received a letter from its largest shareholder ESL Investments, headed by Sears Chairman and CEO Edward Lampert, expressing interest in all or some of the assets, which include Sears Home Services’ home improvement business, and the company’s Parts Direct business.
Sears, based in Hoffman Estates, Illinois, said no assurance can be given any formal proposal will be made by ESL or any third party.
The ailing company has sold off other major brands as it struggles to stay afloat with Kenmore a notable reminder of the powerhouse retailer it once was.
In morning trading, shares added 19 cents, or 5.6 percent, to $3.61.