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Sears to Sell HomeLife Furniture Stores

November 20, 1998| Times Wire Services

Sears, Roebuck & Co. will sell its underperforming HomeLife furniture chain to Citicorp Venture Capital Ltd. for $100 million in cash and a $10-million note as it exits the furniture business to focus on its department stores. The nation's largest department-store retailer will retain a 19% equity interest in HomeLife under its agreement with the unit of Citigroup Inc. Sears said the transaction will result in a loss of 5 cents a share. Sears said its credit card customers can continue to make purchases at HomeLife, which has 126 stores. Citicorp Venture's other holdings include furniture lines such as Berkline and Barcalounger. Shares in Hoffman Estates, Ill.-based Sears closed up 6 cents at $47.69 on the NYSE.

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