On Jan. 17, 2019, Sears Holdings Corporation announced that ESL Investments 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 transaction is expected to preserve 45,000 jobs.
The sale remains subject to Bankruptcy Court approval and closing conditions. The hearing to approve the sale is currently scheduled for Feb. 1, 2019. Provided the closing conditions are satisfied, the transaction is expected to close on or about Feb. 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.”