Sears forms committee for sale of Kenmore, home improvement unit

Struggling department store operator Sears Holdings Corp said on Monday it has formed a special committee to explore the sale of its Kenmore appliances brand, home improvement products and parts direct business.

Last month, billionaire investor Eddie Lampert said in a letter to the company’s board that it should sell these assets, adding that his hedge fund ESL Investments Inc would bid in any sale.

Lampert, who is also the Chief Executive Officer of the company, had said he would excuse himself from any discussions or decisions for any potential transaction involving ESL as a buyer.

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Shares of the company were up 11 percent in premarket trading.