Sears Holdings CEO Edward Lampert entered a bid of $400 million to acquire the Kenmore brand, in a letter to the Sears board, offering to pick up the Sears Home Services division for $70 million to $80 million.
CNN Money reported that Lampert is prepared to close on the deal in 60 to 90 days. “Speed and certainty here are critical,” he wrote in a letter according to CNN Money. “We believe, therefore, that an expedited process is in the best interest of all parties involved.”
Sears has lost $11.2 billion since 2010 and sales have dipped 60% in that time. The company has closed 3,500 U.S. Kmart and Sears stores since the brands merged together in 2005. There are now less than 1,000, according to CNN Money.
Earlier this year, Sears Holdings announced it would close a total of 100 unprofitable locations. In November it said it would close 63 more stores after the holiday season.
For the first quarter, Sears reported $2.9 billion in revenue, down from $4.2 billion in 2017, with store closures contributing to nearly two-thirds of the decline.
Same-store sales were down 11.9% overall, 9.5% at Kmart and 13.4% at Sears. The company reported negative comps in several categories including apparel, footwear and jewelry.
Sears Holdings also announced in January that it was selling its popular Craftsman brand of tools and home improvement products to Stanley Black & Decker for an estimated $900 million.