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Sears Holdings (SHLD) Request Bankruptcy Approval to Sell Sears Home Improvement Business to Service.com




Enter Wall Street with StreetInsider Premium . Sears Holdings Corporation (SHLDQ) announced today that it has applied for a stalking horse object agreement with Service.com to acquire Sears Home Improvement ("SHIP") in a sales process after section 363 of the US Bankruptcy Act. SHIP, based in Longwood, Florida, is a unit in the Sears Home Services department.

"The sale of SHIP is an important step for Sears Holdings as we continue to work to get a comprehensive restructuring," said Robert A. Riecker, CFO and Executive Managing Director. "We look forward to completing this process quickly so we can maximize the value of SHIP and ensure a seamless transition for all our stakeholders."

" Service.com is excited about the possibility of combining with SHIP," said Sandy Kronenberg, CEO of Service.com . "This would not be feasible without support from Peter Karmanos & MadDog Ventures. "

The transaction was approved by the company's restructuring committee, which consists solely of independent directors. Under the agreement, which is subject to higher or better offers, Service.com has intended to purchase SHIP for about $ 60 million in cash. Holdings intends to conduct bidding procedures to allow other eligible bidders the opportunity to submit competing bids through a legally monitored sales process. Interested bidders are encouraged to contact Lazard Frères & Co. LLC. that the Court considers the proposed offers on November 15 at 10:00 ET.

The auction process and final agreement will be subject to the Court's In addition, the completion of the transaction is subject to normal closing conditions and government approvals. Holdings expects a sale to be completed by the beginning of January 2019.

As previously announced, Holdings and some of its subsidiaries initiated their voluntary petitions for relief pursuant to Chapter 11 of the Bankruptcy Act of the United States Bankruptcy Court of the Southern District of New York.

Advisors

Weil, Gotshal & Manges LLP is Legal Advisor, M-III Partners serves as restructuring adviser and Lazard Frères & Co. LLC serves as investment banks to Holdings.

Sidley Austin LLP is Legal Advisor and FINNEA Group LLC serves as Financial Advisor for Service.com .


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