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Sears Holdings Announces Initiation Of Formal Process To Explore Potential Sale Of Assets 

 

HOFFMAN ESTATES, Ill.May 14, 2018 /PRNewswire/ — Sears Holdings Corporation (the “Company”) (NASDAQ: SHLD) today announced that a special committee of the board of directors (the “Board”) of the Company (the “Special Committee”) is initiating a formal process to explore the sale of its Kenmore brand and related assets, the Sears Home Improvement Products business of the Sears Home Services division and the Parts Direct business of the Sears Home Services division (collectively, the “Sale Assets”). As previously reported, the Board received a letter from ESL Investments, Inc. (“ESL”) expressing interest in participating as a purchaser of all or a portion of the Sale Assets. The Board established the Special Committee, which consists solely of independent directors, to evaluate ESL’s proposal, to actively solicit third-party interest in the Sale Assets, and to explore any other alternatives with respect to the Sale Assets that may maximize value for the Company. The Special Committee has retained Centerview Partners LLC to serve as its investment banker and Weil, Gotshal & Manges LLP to serve as its legal counsel.

All inquiries from potential third party purchasers concerning the Sale Assets should be directed to Centerview Partners LLC.

No assurances can be given that any formal detailed proposal will be made by ESL or any third party purchaser, or, if made, as to the terms and conditions of such proposal and the Sale Assets to which it relates, that any proposal made by ESL or third party purchaser regarding a proposed transaction will be recommended to the Board by the Special Committee, that definitive documentation relating to any such transaction will be executed, or that a transaction will be consummated in accordance with that documentation, if at all.

The Company does not intend to comment further with respect to the Sale Assets unless and until it determines that additional disclosure is appropriate.

As previously disclosed in our annual report, the Company is exploring ways to unlock value across a range of assets, including the Sale Assets.