Sears Holdings refutes Sears Canada report
Sears Holdings issued a statement on Monday, discounting the New York Post's assertion that a sale of Sears Canada was in the works.
"This morning's report concerning Sears Canada by the New York Post contains false statements regarding Sears Holdings and its intentions for Sears Canada," read the statement. "In particular, it is false to claim that Mr. Lampert, the CEO of Sears Holdings, is interviewing or otherwise is in talks with investment bankers about Sears Holdings' interest in Sears Canada. Similarly, the claim that Mr. Lampert is conducting a 'beauty contest' also is false."
"Sears Holdings reiterates its October 29, 2013, statement that Sears Holdings will work with the board and management of Sears Canada with a goal of increasing the value of our 51% interest and realizing significant cash proceeds to support our transformation and to create value for our shareholders," the statement concluded.
According to inside sources who allegedly spoke to the New York Post, CEO Edward Lampert has been in talks with multiple banks about a potential sale of the Sears Canada business, though the search for prospective buyers has been unsuccessful.
Recent moves by the retailer, including the closing of its Toronto flagship store and several other profitable locations, confirms this suspicion for some in the industry.