Sears Holdings announces ESL Investments as Winning Bidder in bankruptcy court-supervised auction

by Textile Quotient News Desk
21 Jan 2019

Ø  $5.2 billion bid includes the acquisition of substantially all of the Company’s assets

Ø  Consummation of transaction would preserve 45,000 jobs

Ø  Sale remains subject to Bankruptcy Court approval and closing conditions

Sears Holdings Corporation recently announced that ESL Investments, Inc. was selected as the winning bidder in the Company’s auction. Subject to Bankruptcy Court approval, ESL will acquire substantially all of the Company’s assets, including the “Go Forward Stores” on a going-concern basis for approximately $5.2 billion.

The hearing to approve the sale is currently scheduled for February 1, 2019. Provided the closing conditions are satisfied, the transaction is expected to close on or about February 8, 2019.

The Restructuring Committee of the Board of Directors said, “We are pleased to have reached a deal that would provide a path for Sears to emerge from the chapter 11 process. Importantly, the consummation of the transaction would preserve employment for tens of thousands of associates, as well as the relationships with many vendors and suppliers who provide Sears with goods and services. We would like to thank our dedicated associates, vendors and partners for their continued support through this process, and most importantly the members and customers we have the privilege to serve.”

Sears Holdings Corporation is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences. Sears Holdings is home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears and Kmart as well as with other retail partners across categories important to them. The Company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States.

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