TORONTO—Sears Canada Inc. on Wednesday said its board intends tocooperate with Sears Holding Corp. as theUS-based holding company explores its options for the Canadianretailer. Sears Holdings is weighing a potential sale of its 51%interest in Sears Canada, or an outright sale of the company, andwill hire an investment banking firm to advise it.
The move comes amid Hoffman Estates, IL-based SHLD's ongoingattempts to turn its fortunes around amid declining sales. Thispast November, the New York Post reported thatSHLD CEO Eddie Lampert was weighing asale of some or all of Sears Canada, a report the company denied atthe time.
Reuters late Wednesday afternoon quoted analysts as saying theydidn't expect a quick sale should Sears Canada go on the block.“This is carrion,” Jim Danahy, chief executive of CustomerLAB, toldReuters. “The vultures are circling and they're not interested, noone's interested, in the whole thing.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
