By  on April 23, 2018

Edward S. Lampert is coming to the rescue of Sears Holdings Corp. yet again — and would no doubt profit from his proposal for a further dismantlement of the group.

Lampert is both chairman of Sears and the hedge fund ESL Investments. On Monday, Lampert essentially sent a letter to himself, as chairman of ESL, to the board of Sears. That letter offered to acquire certain assets of the retailer’s — namely, its well-known Kenmore appliance brand and the home improvement and PartsDirect businesses of Sears Home Services. The letter, which pegged the value of the home improvement and parts businesses at $500 million, said ESL contemplates entering into an agreement with Sears so the two businesses could servicing customers following their acquisition. ESL further said it would be interested in acquiring certain real estate owned by Sears for $1.2 billion, with the understanding that Sears would enter into a master lease so “some or all” of the stores could continue operations. ESL did not detail the number of stores it hopes to acquire. The Kenmore brand is an intellectual property asset.

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