Aug 4 Sycamore Partners, which recently bought Jones Group, Talbots and Hot Topic, is considering a bid for Sears Canada Inc, the New York Post reported, citing a person familiar with the matter.
Eddie Lampert, who owns a controlling stake in Sears Holdings Corp, expects up to $2 billion for the 176-store chain, the New York Post said. (bit.ly/1pUHqmN)
Sycamore Partners declined to comment on the report, while representatives at Sears could not be immediately reached for comment outside regular business hours.
Sears Canada, which traces its Canadian roots back to the early 1950s, has fallen on hard times in recent years as it lost market share to U.S. rivals such as Wal-Mart Stores Inc and Target Corp, who have been aggressively expanding in Canada.
In May, Sears Holdings said it was looking to sell its 51 percent stake in Sears Canada Inc and will hire an investment bank to explore options for its share of Sears Canada.
Last year, Sycamore bought Jones Group for $1.2 billion and took teen retailer Hot Topic Inc private for $600 million. A earlier year, it bought women's apparel chain Talbots Inc for $391 million, including debt. (Reporting by Ankush Sharma in Bangalore; Editing by Gopakumar Warrier)