Seven years after Sears spun off its outlet stores into a separate company, controversial former CEO Eddie Lampert wants to bring them back under his wing.
The parent company of the retail giant, in which Lampert has a majority share, announced this week that it would pay $2.25 per share to acquire Sears Hometown, according to the Associated Press.
The acquisition would allow Sears Hometown to sell its Sears Outlet and Buddy’s Home Furnishing Stores to a third-party buyer for at least $97.5 million.
The parties are aiming to close the deal sometime during the third quarter.
Sears sued Lampert in April, alleging that the chairman profited off the company’s near-demise during his stint as CEO.