Sycamore Partners, a New York-based private equity firm, is considering purchasing Sears Canada. Sycamore Partners has recently purchased retailers Jones Group, Talbots and Hot Topic.
According to the New York Post, Eddie Lampert, the controlling stakeholder of Sears Holdings Corp., expects up to US$2 billion in the sale, which is comprised of 176 stores. Both Sycamore Partners and Sears Holdings have declined a comment.
Sears Canada has experienced a loss in market shares due to fellow American companies such as Wal-Mart entering the Canadian market. In May, Sears announced it would sell 51 per cent of its stake in Sears Canada and hire an investment bank to discuss its options for its share of Sears Canada.
