Sears: $60 million lead offer lone bid for home improvement business

By Caroline Salls

Pittsburgh, Dec. 13 – Sears Holdings Corp. cancelled the Dec. 13 auction for its home improvement business, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

The company said the only bid received for the business was that submitted by the stalking horse bidder.

As previously reported, Service.com is the stalking horse bidder, with a $60 million bid. Service.com has also agreed to assume liabilities related to the business, pay up to $5 million in cure costs and pay a portion of specified bonuses, subject to a $2 million cap.

The sale hearing is scheduled for Dec. 18.

Sears is a retailer based in Hoffman Estates, Ill. The company filed bankruptcy on Oct. 15 under Chapter 11 case number 18-23538.

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