Sears Holding Corp (NASDAQ:SHLD) has formed a special committee to explore asset sales in its latest move to claw back to profitability.
The committee will review a proposal from ESL Investments, the hedge fund run by its CEO Eddie Lampert, to buy some of the iconic retailer’s assets.
Shares of the beleaguered retail chain were up more than 7% to US$3.68.
The segments possible up for sale include the Kenmore appliance brand, the Sears home improvement products division and the parts direct division.
In a statement, Sears said that it will not comment on the asset sale at this time and will continue “exploring ways to unlock value across a range of assets, including the sale assets.”
At the annual shareholders meeting last week, Lampert told investors that he will continue fighting to restore the struggling retailer. Despite the challenges of a tough retail environment, he maintained his confidence in the company’s ability to transform itself.
The retailer has been partnering with other well-known companies, adding Uber and GasBuddy to its Shop Your Way membership platform.