Sears chief’s hedge fund offers $400 million for Kenmore brand

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Private equity firm ESL Investments is offering to buy struggling Sear’s Kenmore brand and home-improvement unit. | AP Photo

The hedge fund operated by Sears chief executive Eddie Lampert has offered to buy the Kenmore brand.

Lampert’s ESL Investments proposed to buy Kenmore from the struggling retailer for $400 million cash. It also offered $80 million for the company’s home-improvement business.

Sears Holdings, the parent of Sears and Kmart, has been selling off brands and licensing others to bring in cash to keep the chains going.

The Kenmore offer was disclosed in a financial filing Tuesday by Sears Holdings.

Sears Holdings formed a special committee in May to explore the sale of Kenmore and other assets.

ESL Investments, Sears’ largest shareholder, expressed interest in April in all or some of the assets, which include Sears Home Services’ home improvement business and the company’s Parts Direct business.

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