Report: Sears considering selling Canadian stores

Hoffman Estates, Ill. - Sears Holdings chairman Eddie Lampert is reportedly considering selling the company’s Sears Canada stores. According to the New York Post, Lampert has been quietly consulting banks including Goldman Sachs and reaching out to prospective buyers.

Sears Canada recently issued its shareholders a $483 million dividend despite reporting a $46.3 million net loss, using $380 million it received by closing its flagship Toronto store and four other locations. Company executives and suppliers are reportedly concerned that the money went to a dividend rather than get reinvested in the business.

The New York Post quotes unidentified sources as saying Hudson’s Bay is not interested in purchasing Sears Canada, although Wal-Mart and/or Target may want to purchase some stores if there is a liquidation. Neither Sears Canada nor Goldman Sachs commented.
 

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