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Sears Holdings – Court Approves $60 million Sale of Home Improvement Business to Service.com

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December 26, 2018 – Further to a sale hearing held on December 18, 2018, The Court hearing the Sears Holdings case approved the $60 million sale of the Debtors’ Home Improvement Business to stalking horse bidder Service.com [Docket No. 1417]. 

As previously cited from the motion requesting Court approval [Docket No. 450], “On November 2, 2018, the Debtors and Service.com (the ‘Stalking Horse Bidder’) entered into an asset purchase agreement (the ‘Stalking Horse Agreement’) for the sale of the SHIP Business, pursuant to which: (i) the Stalking Horse Bidder agreed to pay $60,000,000 in cash, prior to adjustment of such amount in accordance with the terms of the Stalking Horse Agreement (the ‘Cash Purchase Price’), and to assume certain assumed liabilities (together with the Cash Purchase Price, the ‘Stalking Horse Bid’) for the Assets, subject to higher or better offers, and Court approval; and (ii) the Debtors agreed that, in the event that the Court approves the purchase of the SHIP Business by any bidder other than the Stalking Horse Bidder, to pay the Stalking Horse Bidder and such transaction is consummated, a break-up fee in the amount of 1.5% of the Cash Purchase Price (the ‘Break-Up Fee’).”

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