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.
About Sears Holdings Corporation
Sears Holdings Corporation (NASDAQ: SHLD) is a leading
integrated retailer focused on seamlessly connecting the digital
and physical shopping experiences to serve our members - wherever,
whenever and however they want to shop. 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. For more
information, visit www.searsholdings.com.
Forward-Looking Statements
This press release contains forward-looking statements intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. Whenever used,
words such as "will," "expect," and other terms of similar meaning
are intended to identify such forward-looking statements.
Forward-looking statements, including these, are based on the
current beliefs and expectations of our management and are subject
to significant risks, assumptions and uncertainties, many of which
are beyond the Company's control, that may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by these forward-looking statements. Detailed descriptions
of risks, uncertainties and factors relating to Sears Holdings are
discussed in our most recent Annual Report on Form 10-K and other
filings with the Securities and Exchange Commission. While we
believe that our forecasts and assumptions are reasonable, we
caution that actual results may differ materially. We intend the
forward-looking statements to speak only as of the time made and do
not undertake to update or revise them as more information becomes
available, except as required by law.
NEWS MEDIA CONTACT:
Sears Holdings Public
Relations
(847) 286-8371
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SOURCE Sears Holdings Corporation