Sears Holdings Inc. didn’t receive any qualified bids for the sale of its Sears Home Improvement Business unit other than the stalking horse bid from the portal Service.com, so the auction scheduled for Dec. 13 was canceled, according to a court filing.
The bankrupt retailer had tentatively agreed to sell its home-improvement unit to Service.com for $60 million, but the deal was subject to higher offers that could have emerged.
Separately, Sears Holdings Corp. and Cyrus asked the judge presiding over the retailer’s bankruptcy to deny Omega Advisors’ motion to undo the sale of intercompany notes at the heart of ...
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