Sears hires JLL to shop hundreds of stores, while weighing takeover bid

Efforts to sell 500 Sears and Kmart locations have drawn interest; Lampert's $4.6B offer still on table

TRD NATIONAL /
Dec.December 11, 2018 09:00 AM

Sears CEO Eddie Lampert and a Sears store (Credit: Getty Images and iStock)

Sears Holdings hired JLL to market about 500 Sears and Kmart stores in the United States, two months after filing for bankruptcy protection. The brokerage is already drawing interest from potential buyers in major markets while Sears still considers a takeover bid from its chairman.

Bids have come in from retailers, mall owners and others interested in potentially adaptive reuses of the stores, sources told Bloomberg.

Strong interest from suitors — which Bloomberg said include Burlington Stores, At Home, Dick’s Sporting Goods and U-Haul — could complicate Sears Chairman Eddie Lampert’s $4.6 billion bid to buy the entire chain and keep it open.

Sears said it would close another 142 stores around the end of the year. Despite efforts to cut costs by shuttering hundreds of locations, the Chicago-based retailer has lost more than $11 billion since 2011. In the last two years alone, it closed more than 725 Sears and Kmart stores nationwide.

JLL is entertaining proposals for Sears Holdings stores through Dec. 28, and the sale of some of the locations could bolster Lampert’s efforts to avoid a full liquidation of the chain, giving the century-old company money to keep it running during the bankruptcy process. [Bloomberg] — 
John O’Brien

 

Related Articles

arrow_forward_ios
Don Thompson and 212 North Canal Street (Credit: Cleveland Avenue, Google Maps)

VC firm led by ex-McDonald’s chief buys River West office building

Governor of Illinois J. B. Pritzker (Credit: Joshua Lott/Getty Images)

State offers lifeline to devastated hospitality industry

Founder, President and CEO of Oxford Capital Group John Rutledge with Hotel Felix and Hotel Julian (Credit: Oxford Capital Group, Hotel Felix and Google Maps)

Oxford Capital designates 5 of its Chicago hotels for coronavirus housing program

The 21c Museum Hotel at 55 E Ontario Street and the Hilton at 720 S. Michigan Avenue (Credit: Google Maps)

More hotels fall victim to coronavirus pandemic

Illinois Gov. J.B. Pritzker with Jimmy Choo and Disney in Magnificent Mile (Credit: Lt. Col. Bradford Leighton via Wikipedia Commons, Google Maps)

Protected with plywood: Retailers board up shops along Mag Mile

Gov. J.B. Pritzker (Credit: (Photo by Scott Olson/Getty Images)

As clock ticks on small businesses, Chicago offer loan lifeline

Governor J.B. Pritzker (Credit: Joshua Lott/Getty Images)

Chicago’s gyms, movie theaters, bowling alleys prepare for severe restrictions

From left: Cushman & Wakefield broker Greg Kirsch, Stone Real Estate broker John Vance and Marcus & Millichap broker Mitchell Kiven (Credit: Cushman & Wakefield, Stone Real Estate, Marcus & Millichap and Getty Images)

Chicago retail brokers talk rent reductions in the age of coronavirus

arrow_forward_ios
Loading...