Department store retailer Sears is exploring the sale of its Lands' End business apparel division, according to reports.

Sears chairman Edward Lampert indicated that he wouldn't rule out selling assets such as Lands' End or Sears Canada in its annual letter to shareholders, according to The Wall Street Journal.

Lampert said the company will make the difficult decisions required to position Sears for the future, the report added.  

Earlier this month, Sears revealed that it would return three stores to their landlord as part of moves to generate cash.

In February, the company said it was looking to raise US$770m by spinning off its Hometown and Outlet businesses, and sell 11 stores, after reporting a full-year loss of $3.1bn.