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HOFFMAN ESTATES, Ill. — Sears Holdings Corp. said on Wednesday it is "exploring strategic alternatives for its 51% interest in Sears Canada, including a potential sale of Sears Holdings’ interest or Sears Canada as a whole."
Sears Holdings Corp. said on Wednesday it is "exploring strategic alternatives for its 51% interest in Sears Canada, including a potential sale of Sears Holdings’ interest or Sears Canada as a whole."
The parent company, controlled by hedge fund billionaire Edward Lampert, said Sears Canada’s board and management "intend to cooperate fully with Sears Holdings in this process to achieve value for all shareholders."
Sears Canada has been selling real estate and store leases as it struggles to compete for shoppers. Thousands of employees have been laid off.
Sears Canada owns 14 department stores and leases 96 stores. It also owns two Sears Home outlets and operates several distribution centers and related businesses.
Lampert gained control of Kmart Corp. in 2003 after the company emerged from bankruptcy protection, then combined it with Sears in an $11.5 billion deal.
Lampert, Sears’ largest shareholder, took over as chief executive officer in February 2013 and has been under pressure to turn around the business. He has sold assets and sought to shrink the company’s store base in an effort to halt 12 quarters of operating losses.
