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Article updated: 11/26/2013 10:19 AM

Sears denies reports of sales plans for Sears Canada

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PRNewswire

Hoffman Estates-based Sears Holdings Corp. denied published reports that the company intends to sell its Sears Canada division.

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The company, in a statement, said the news story published in the New York Post contained false claims that Sears CEO Edward Lampert "is interviewing or otherwise is in talks with investment bankers about Sears Holdings' interest in Sears Canada." Similarly, the company said the claim that 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 percent interest and realizing significant cash proceeds to support our transformation and to create value for our shareholders," the company said in the statement.

The Post story claimed Lampert was exploring a possible sale of the 61-year-old chain. The paper, citing unnamed sources, said Lampert was interviewing a number of banks about conducting a prospective process.

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