US-based department store chain Sears Holdings has sought court approval to sell its Sears Home Improvement business (SHIP) through a stalking horse asset purchase agreement with Service.com for approximately$60m in cash.
The sale process will be conducted under Section 363 of the US Bankruptcy Code and has received approval from the companys restructuring committee featuring its independent directors.
Based inLongwood, Florida SHIP is a business unit of the Sears Home Services division.
Sears Holdings chief financial officer Robert A Riecker said: The sale of SHI…
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