Sears gets approval to sell home improvement business for $60 million

By Caroline Salls

Pittsburgh, Dec. 27 – Sears Holdings Corp. obtained court approval to sell its home improvement business to Service.com for $60 million, according to an order filed Dec. 26 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 Service.com, the stalking horse bidder.

As previously reported, 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.

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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