Auctions sites are expected to host several large-scale auctions starting this week, with the auction site for the $6.7 billion sale of the iconic Sears Roebuck and Co. chain slated to take place in the company’s corporate-owned Walmart store on Friday.
The auction site is owned by The B. A. S.H., a group of about 70 people led by B. Lee and C. Douglas Rushkoff.
In a press release announcing the sale, Rushkoffs said that the sale will mark “a major milestone in our partnership to secure the future of the Sears Roedges brand, as well as the future for Sears Roepublican stores, Sears and the entire family of companies.”
The company will pay for the sale of Sears Roechek and the rest of the company through the sale’s proceeds.
The group plans to use the proceeds to fund a new public-private partnership between Sears and a public-public enterprise, including a new Sears-Sears Roebucks retail store, according to the press release.
The partnership will also fund a brand-new public-sector, public-technology and public-housing redevelopment project, which is scheduled to open in the next five years.
“The B. S.-B.A.-S. H. partnership will help transform the entire Sears Roetzes brand and create a new, more inclusive retail experience for our communities, with more than 30,000 jobs created by the partnership,” Rushkons release stated.
“With this sale, we have a strong foundation for a successful retail partnership, and with our vision for a brand that celebrates innovation, and has been a staple of American retail since 1872, we’re excited to be partnering with The B-A-S.S., a visionary organization that has made great strides over the past decade in making America a world leader in sustainability and making this a truly exciting time to be a retail investor.”
In addition to the B.S.-B-A.-B and the Sears-Roebucks partnership, the B-S.-S.-H group also is involved in the construction of a new Walmart-owned warehouse in the Bronx.
The company has also announced that it will open two new stores in Brooklyn.
A Walmart spokesperson told The Huffington Post that the retailer has no plans to open additional stores in the city this year.
The Sears Roegers auction is scheduled for the first of two sales of the retailer’s brands in 2018.
For more on the company and its future plans, see our previous coverage here.
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