Case Background

Sears Holdings Corporation and certain of its subsidiaries (collectively, the "Company") have filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of New York.  The Company intends to use this process to position it to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term.

The Company expects to move through the restructuring process as expeditiously as possible and is committed to pursuing a plan of reorganization in the very near term as it continues negotiations with major stakeholders started prior to the announcement.

The cases are pending before the Honorable Robert D. Drain, and are jointly administered under Case No. 18-23538.

Sears Holdings Corporation is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve its members.  The Company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States.  Sears Holdings is also home to Shop Your Way®, a social shopping platform offering members rewards for shopping at Sears and Kmart as well as with other retail partners. For more information, visit www.searsholdings.com.

For additional information about the restructuring process, please visit Sears Holdings’ restructuring website at: restructuring.searsholdings.com.

Important Information & Dates

Global Asset Sale Process

On November 11, 2018, the Court entered the Order Approving Global Bidding Procedures and Granting Related Relief  [ECF No. 816] (the “Global Bidding Procedures Order”) for a sale of the Debtors’ assets, including the “Go Forward Stores” on a going concern or liquidation basis.
 
On January 14, 2019, the Debtors commenced an auction for the sale of the Global Assets (the “Auction”). As announced on the record of the Auction, the Debtors, as directed by their restructuring committee, determined that the offer submitted by Transform Holdco, LLC (the “Buyer”), established by ESL Investments, Inc. to acquire all or substantially all of the Global Assets, was the highest or best offer for the Global Assets (the “Successful Bid”).
 
On January 18, 2018, the Debtors filed the Notice of Successful Bidder and Sale Hearing [ECF No. 1730] and attached a summary of the material terms of the Successful Bid as Exhibit A thereto.  The executed asset purchase agreement was attached as Exhibit B thereto and a proposed sale order attached as Exhibit C thereto.
 
Important Upcoming Dates and Deadlines Related to the Global Asset Sale Process:

• January 26, 2019 (4:00 p.m. ET): Deadline to object to (i) the proposed Sale Transaction for a Successful Bidder, (ii) Debtors’ proposed Cure Costs for Proposed Assumed Contracts not included in any Stalking Horse Bid, (iii) the assumption of and assignment to a Successful Bidder of any Proposed Assumed Contracts or any Contracts or Leases that may later be designated by such Successful Bidder for assumption and assignment, and (iv) conduct of the Auction
• February 4, 2019 (10:00 a.m. ET): Commencement of the Sale Hearing
 
Please click below to view and download documents related to the Global Asset Sale Process:

• Global Bidding Procedures Order
• Notice of Filing of Global Bidding Procedures Process Letter
• Motion for Approval of Global Bidding Procedures
• Notice of Auction Results and Sale
• Assumption and Assignment Notice
• Supplemental Assumption and Assignment Notice
• Schedules 1.1(m) – (p) to the Asset Purchase Agreement

Hearing on First Day Motions

A hearing on the Company's First Day Motions was held on October 15 at 2:00 p.m. (ET) before the Honorable Judge Robert D. Drain, United States Bankruptcy Court for the Southern District of New York, 300 Quarropas Street, White Plains, NY 10601.

A final hearing on certain of the First Day Motions was held on November 15, 2018 at 10:00 a.m. (ET).

Please click below to view and download the First Day Motions and the First Day Orders:

First Day Motions

First Day Orders