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Sears Seeks Offers on Stores Lampert Needs for Turnaround

  • Jones Lang LaSalle solicits bids on retailer’s properties
  • Competing offers could roil chairman’s offer for whole company
Signage is displayed on the Sears, Roebuck & Co. mail order building, where a Sears Holdings Co. retail store operates on the ground floor, in the Boyle Heights neighborhood of Los Angeles, California.

Signage is displayed on the Sears, Roebuck & Co. mail order building, where a Sears Holdings Co. retail store operates on the ground floor, in the Boyle Heights neighborhood of Los Angeles, California.

Photographer: Patrick T. Fallon/Bloomberg

Sears Holdings Corp. is shopping around its stores, looking to gauge what they’re worth in the open market while it weighs Chairman Eddie Lampert’s $4.6 billion bid to buy the entire chain and keep it open.

The firm has hired real estate firm Jones Lang LaSalle Inc. to market its portfolio of about 500 U.S. stores and so far has seen high interest in major markets, according to people with knowledge of the matter. Bids have come in from retailers and mall owners, and other parties are interested in potentially converting stores for non-retail use, said the people, who asked not to be identified discussing the private plan.