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