Quantcast
Channel: Daily Bankrupt Company Updates | Bankrupt Company News
Viewing all articles
Browse latest Browse all 4593

Sears Holdings Corporation – Announces Selection of ESL, and its $5.2bn Bid, as Auction Winner, Sale Expected to Close on February 8, 2019

0
0
January 17, 2019 – The Debtors announced that they had ESL Investments, Inc. (“ESL”) as the winning bidder in the Debtors’ auction.
In a brief, somewhat anticlimactic, press release, the Debtors stated, “Sears Holdings Corporation …today announced that ESL Investments, Inc. 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 hearing to approve the sale is currently scheduled for February 1, 2019. Provided the closing conditions are satisfied, the transaction is expected to close on or about February 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’.”

Read more Bankruptcy News

The post Sears Holdings Corporation – Announces Selection of ESL, and its $5.2bn Bid, as Auction Winner, Sale Expected to Close on February 8, 2019 appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


Viewing all articles
Browse latest Browse all 4593

Latest Images

Trending Articles





Latest Images