HOFFMAN ESTATES, Ill.,
Sept. 24, 2018 /PRNewswire/
-- Sears Holdings Corporation (the "Company") (NASDAQ: SHLD)
today announced that its Board of Directors (the "Board") has
received a proposal from ESL Investments, Inc. ("ESL") regarding
certain liability management and real estate transactions, as
outlined in ESL's Schedule 13D filing on September 24, 2018. The Board has directed
the Company's management and its legal and financial advisors to
work closely with ESL, its advisors and the Company's other
stakeholders to seek to pursue liability management transactions of
the nature described in the proposal, subject to advice of the
Company's legal and financial advisors and approval of any final
transaction by the Related Party Transactions Subcommittee of the
Board and the full Board. The Board has referred the proposed real
estate transactions outlined in the proposal to the Special
Committee of the Board, which is also engaged in negotiations with
ESL concerning the proposals made in ESL's August 14, 2018 letter.
There can be no assurance that any transaction will be
consummated or on what terms any transaction may occur.
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.
CONTACT:
Sears Holdings Public Relations
(847) 286-8371
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SOURCE Sears Holdings Corporation