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Sears Holding hives off majority stake in Canadian arm
04 Oct '14
1 min read
US-based Sears Holdings is selling off most of the control in its Canadian arm – Sears Canada to ESL Investments Inc., the private holding company of Eddie Lampert, Chairman of Sears Holdings.
The sale of 40 million shares which will bring in much needed cash for Sears Holdings ahead of the busy holiday season, will also mean the parent losing 51 percent control of its Canadian arm.
Sears Holdings said it will receive the US $380 million in two transactions, one in late October totalling to $168 million and the rest in early November.
Sears has downsized its Canadian arm in recent years after facing tough competition from rivals like Target Corp and Walmart.
In September last month, Sears Holdings secured a separate $400 million loan from Eddie Lampert and ESL Partners.
Sears has also raised $500 million from selling of its Lands’ End division and $165 million in real estate.
Douglas Campbell, CEO at Sears Canada said last month that he would step down by the end of the year, within a year of taking over the reins. (AR)
The sale of 40 million shares which will bring in much needed cash for Sears Holdings ahead of the busy holiday season, will also mean the parent losing 51 percent control of its Canadian arm.
Sears Holdings said it will receive the US $380 million in two transactions, one in late October totalling to $168 million and the rest in early November.
Sears has downsized its Canadian arm in recent years after facing tough competition from rivals like Target Corp and Walmart.
In September last month, Sears Holdings secured a separate $400 million loan from Eddie Lampert and ESL Partners.
Sears has also raised $500 million from selling of its Lands’ End division and $165 million in real estate.
Douglas Campbell, CEO at Sears Canada said last month that he would step down by the end of the year, within a year of taking over the reins. (AR)
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