This PR from Sears provides more details
as well as the date of the hearing and
closing of the Sale:
“ Sears confirms ESL selected as winner
bidder in bankruptcy auction
Sears Holdings 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 $5.2B, Sears said
in a statement. The hearing to approve
the sale is currently scheduled for
February 1. Provided the closing conditions
are satisfied, the transaction is expected
to close on or about February 8.
The Restructuring Committee of Sears' board
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."
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