Sears Holdings Initiates Formal Process To Explore Potential Sale Of Assets

(RTTNews) - Sears Holdings Corp. (SHLD) said that a special committee of the board of directors of the company 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.

As previously indicated, the Board received a letter from ESL Investments, Inc. 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.