The auction of the struggling department-store chain, Sears Canada has attracted the interest of Kaluzny’s Sycamore Partners, a New York based prolific private-equity firm known for scooping up distressed store brands. Eddie Lampert, who owns a controlling stake in Sears Holdings Corp, expects up to US $ 2 billion for the 176-store chain. Sycamore, which recently bought Jones Group, Talbots and Hot Topic, is considering a bid for Sears with a plan that could include “running the business”. Sears Canada has fallen on hard times in recent years as it lost market share to US rivals such as Wal-Mart Stores Inc and Target Corp, who have been aggressively expanding in Canada.
