Struggling Sears Holdings Corp. (SHLD has formed a committee to explore asset sales.
Kenmore, Sears Home Improvement Products, Home Services, and the Parts Direct of the Sears Home Services Division are among the assets that the board will be looking into selling. These assets are referred to as sale assets.
According to the announcement from the company, "As previously disclosed in our annual report, the Company is exploring ways to unlock value across a range of assets, including the Sale Assets."
The announcement caused the stock to jump up 13% to nearly $4 a share on Monday morning.
Sears shares have been having a rough time in the market as the former retail icon hangs on by a thread. Shares have fallen more than 73% since this time last year, closing at $2.76 on May 8. Shares sank to a 52-week-low of $1.99 on Feb. 12.
The formation of a committee comes almost a week after Sears announced a partnership with Amazon.com Inc. (AMZN - Get Report) , a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio, to sell and install tires.
Sears shares were up 6% when the market closed on Monday.