Sears Sells Stake in OSH

Chicago, Sears Holdings Corp. said that Ares Management LLC, a Los Angeles-based private equity fund, will invest $58.7 million in cash for a 19.9% stake in Sears’ Orchard Supply Hardware Stores chain.

In May, Sears announced that it would consider selling the 84-store chain of hardware and garden stores in order to focus on its core Sears and Kmart stores.

As part of the deal expected to close in the fourth quarter, Ares also holds a three-year option to buy an additional 30.2% for $126.8 million.