In an exclusive report, the New York Post says that Eddie Lampert, chairman of Sears Holdings Corp. (NASDAQ: SHLD) has been seeking a buyer for the company’s Lands’ End mail-order business. Lampert has pitched Lands’ End to “a handful of private-equity firms” according to the Post.
Sears lost $3.1 billion last year, and the company is trying to raise $2 billion in cash by selling assets. Sears paid $1.86 billion for Lands’ End in 2002, before Lampert took over. There is little chance that the mail-order house will recoup that amount in a new sale. The Post cites analysts who say that in “today’s rocky retail environment [the price will be] in the $1.2 billion to $1.6 billion range.”
Sears’ shares have risen about 6.5% in pre-open trading, to $73.50 in a 52-week range of $28.89-$87.66.