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 move is the latest chapter in Lampert’s ongoing efforts to claw the vaunted brand back from bankruptcy, following his $5.2 billion takeover of the company earlier this year.
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.
And last month, the New York-based HPS Investments led an $800 million refinancing package on a nationwide portfolio of Sears and Kmart stores. [AP] — Alex Nitkin