Sears Holdings starts off the auction process for its Sears Home Improvement business by
seeking court approval of a "stalking horse" asset purchase pact with Service.com for the unit.
Under the agreement, which is subject to higher or better offers, Service.com plans to buy the home improvement business for about $60M in cash.
The auction process and final agreement will be subject to the approval of the court.
Sears Holdings had filed for Chapter 11 bankruptcy proceedings on Oct. 15, 2018.