The Globe and Mail reports in its Thursday edition that a hedge fund owned by the chief executive officer of Sears Holdings, Edward Lampert, has offered to buy the company's Kenmore appliances brand for $400-million in cash (all figures U.S.). A Reuters dispatch to The Globe says that ESL Investments also made an offer to buy the Home Improvement business of the company's home services division for as much as $80-million, also in cash, according to the filing with the Securities and Exchange Commission. It said the offers were made in a letter to Sears's board. The offer for Kenmore is conditional on ESL receiving equity financing from a potential partner, according to the filing. Mr. Lampert said in April Sears should sell its Kenmore brand, home improvement businesses and real estate, and that ESL Investments would bid in any sale. Sears formed a special committee in May to explore the proposal. In its fiscal first quarter ended May 5, Sears reported a net loss attributable to the company of $424-million, or $3.93 per share, compared with a profit of $245-million, or $2.29 per share, a year earlier. The company's store closures brought down its revenue by nearly 31 per cent in the first quarter.