A U.S. bankruptcy court in New York canceled an auction of Sears' Home improvement after it did not received any other qualifying bids, Retail Dive reports. The business is expected to sell to Service.com, the lone bidder on the home improvement branch.
Service.com, an Airbnb-like service that helps homeowners find contractors, bid $60 million on Sears' home improvement branch in early November. In the midst of the pending sales, many vendors of Sears are weary of what potential bankruptcy of the retailer could mean for their business.
Sears vendors, who are still owed millions of dollars, are getting nervous they won't be repaid in full. According to a Bloomberg analysis of court documents, vendors have collectively sold over $24 million of legal claims against Sears to hedge funds like Whitebox Advisors and Cherokee Debt Acquisition.
Read More
