Sears announced this morning that it is exploring strategic alternatives for its credit and financial products business.
“Sears’ Credit and Financial Products business is extremely attractive and
highly profitable,” said Alan J. Lacy, chairman and chief executive officer.
“It continues to perform well and is on track to deliver on its 2003 financial
plan. However, we believe the tremendous value and earnings power of these
assets are not reflected in today’s market valuation of Sears. By selecting
the right strategic partner for this unique business, we believe we can create
significant value for our investors. This strategic action will support our sharpened focus on strengthening
and growing Sears’ profitable Retail and Related Services business, while
further streamlining our organization, reducing leverage and returning cash to
shareholders,” said Lacy.