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

Sale of Sears Home Improvement Business ("SHIP Sale")

On November 16, 2018, the Court entered the Order Approving Bidding Procedures for Sale of Sears Home Improvement Business, (B) Approving Stalking Horse Bid Protections, (C) Scheduling Auction for and Hearing to Approve Sale of Sears Home Improvement Business, (D) Approving Form and Manner of Notice of Sale, Auction, and Sale Hearing, (E) Approving Assumption and Assignment Procedures, (II) Approving the Sale of Sears Home Improvement Business in Accordance with the Stalking Horse Agreement and (III) Granting Related Relief  [Docket No. 775] (the “SHIP Bidding Procedures Order”).

Important Dates and Deadlines Related to the SHIP Sale:

• Bid Deadline: December 11, 2018 at 4:00 p.m. (ET)
• Sale Objection Deadline: December 11, 2018 at 4:00 p.m. (ET)
• Auction: December 13, 2018 at 10:00 a.m. (ET) at the offices of Weil, Gotshal & Manges
• Notice of Auction Results Objection Deadline: December 17, 2018 at 12:00 Noon (ET)
• Sale Hearing: December 18, 2018 at 10:00 a.m. (ET)

Any party interested in submitting a bid for any of the Debtors' Assets should contact the Debtors' investment banker, Lazard Frères & Co., LLC, 30 Rockefeller Plaza, New York, New York 10112 (Attn: Brandon Aebersold (brandon.aebersold@lazard.com) and Levi Quaintance (levi.quaintance@lazard.com)).

Please click below to view and download documents related to the SHIP Sale:

Notice of SHIP Sale

SHIP Sale Documents

Real Estate Sale Process

Jones Lang LaSalle Americas, Inc. (“JLL”) has been engaged by the Company to, among other things, advise the Company’s potential sales of certain of its owned and leased property and/or other real property assets (the “Real Estate Sale Process”). A non-binding indication of interest (an “Indicative Bid”) in connection with the Real Estate Sale Process is due December 28, 2018, at 5:00 p.m. (ET), and should be submitted via email to:

Donna Kolius
Executive Vice President
JLL, Disposition Services
1400 Post Oak Boulevard, Suite 1100
Houston, Texas 77056
Tel: 844-280-3247
Email: dispositionservices@am.jll.com

Please click below to view and download the Real Estate Sale Process Letter:

Real Estate Sale Process

All submitted Indicative Bids must comply with the requirements as set forth in the Real Estate Sale Process Letter. Should you be selected to participate in the Definitive Bid process, you will be provided with a form of purchase agreement. If you have executed or will execute a confidentiality agreement with the Company, its terms apply to the process as outlined in the Real Estate Sale Process Letter.

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

Dates

December
13

Meeting of Creditors

2:30 p.m. (ET)
December
20

Omnibus Hearing

10:00 a.m. (ET)
January
18

Omnibus Hearing

10:00 a.m. (ET)
October
15
_____
November
20
12:00 p.m. (ET)

Auction on SRAC Medium Term Notes

Parties

Debtors' Counsel

Weil, Gotshal & Manges LLP

767 Fifth Avenue
New York, NY   10153
https://www.weil.com/
Phone: 212-310-8000
Fax: 212-310-8007
Ray C. Schrock, P.C.
Garrett A. Fail
Jacqueline Marcus
Sunny Singh

Debtors' Restructuring Advisors

M-III Partners, LP

130 West 42nd Street
17th Floor
New York, NY   10036
https://miiipartners.com
Phone: 212-716-1491
Fax: 212-531-4532
Colin M. Adams
Brian Griffith

Unsecured Creditors' Committee Counsel

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park
New York, NY   10036
https://www.akingump.com/en/
Phone: 212.872.1000
Fax: 212.872.1002
Ira S. Dizengoff
Philip C. Dublin
Abid Qureshi
Sara L. Brauner

United States Trustee and Court Information

United States Bankruptcy Court

Southern District of New York
300 Quarropas Street, Room 248
White Plains, NY   10601
http://www.nysb.uscourts.gov
Phone: 914-467-7088


United States Trustee

U.S. Federal Office Building
201 Varick Street, Suite 1006
New York, NY   10014
https://www.justice.gov/ust-regions-r02
Phone: 212-510-0500
Fax: 212-668-2255
Paul Schwartzberg
Richard Morrissey

Debtors

Case Number
Debtor Name
Petition Date
18-23538 Sears Holdings Corporation October 15, 2018
18-23543 A&E Factory Service, LLC October 15, 2018
18-23544 A&E Home Delivery, LLC October 15, 2018
18-23545 A&E Lawn & Garden, LLC October 15, 2018
18-23546 A&E Signature Service, LLC October 15, 2018
18-23564 Big Beaver of Florida Development, LLC October 15, 2018
18-23582 BlueLight.com, Inc. October 15, 2018
18-23565 California Builder Appliances, Inc. October 15, 2018
18-23547 FBA Holdings Inc. October 15, 2018
18-23566 Florida Builder Appliances, Inc. October 15, 2018
18-23548 Innovel Solutions, Inc. October 15, 2018
18-23567 KBL Holding Inc. October 15, 2018
18-23554 Sears Home & Business Franchises, Inc. October 15, 2018
18-23568 KLC, Inc. October 15, 2018
18-23549 Kmart Corporation October 15, 2018
18-23539 Kmart Holding Corporation October 15, 2018
18-23576 Kmart of Michigan, Inc. October 15, 2018
18-23570 Kmart of Washington LLC October 15, 2018
18-23540 Kmart Operations LLC October 15, 2018
18-23571 Kmart Stores of Illinois LLC October 15, 2018
18-23572 Kmart Stores of Texas LLC October 15, 2018
18-23585 Kmart.com LLC October 15, 2018
18-23550 MaxServ, Inc. October 15, 2018
18-23573 MyGofer LLC October 15, 2018
18-23551 Private Brands, Ltd. October 15, 2018
18-23574 Sears Brands Business Unit Corporation October 15, 2018
18-23586 Sears Brands Management Corporation October 15, 2018
18-23583 Sears Brands, L.L.C. October 15, 2018
18-23584 Sears Buying Services, Inc. October 15, 2018
18-23552 Sears Development Co. October 15, 2018
18-23553 Sears Holdings Management Corporation October 15, 2018
18-23555 Sears Home Improvement Products, Inc. October 15, 2018
18-23541 Sears Operations LLC October 15, 2018
18-23558 Sears Protection Company October 15, 2018
18-23569 Sears Protection Company (Florida), L.L.C. October 15, 2018
18-23560 Sears Roebuck Acceptance Corp. October 15, 2018
18-23537 Sears, Roebuck and Co. October 15, 2018
18-23561 Sears, Roebuck de Puerto Rico, Inc. October 15, 2018
18-23577 SHC Desert Springs, LLC October 15, 2018
18-23578 SOE, Inc. October 15, 2018
18-23556 Sears Insurance Services, L.L.C. October 15, 2018
18-23557 Sears Procurement Services, Inc. October 15, 2018
18-23562 SYW Relay LLC October 15, 2018
18-23563 Wally Labs LLC October 15, 2018
18-23579 StarWest, LLC October 15, 2018
18-23580 STI Merchandising, Inc. October 15, 2018
18-23581 Troy Coolidge No. 13, LLC October 15, 2018
18-23559 Sears Protection Company (PR) Inc. October 15, 2018
18-23542 ServiceLive, Inc. October 15, 2018
18-23575 Sears Holdings Publishing Company, LLC October 15, 2018
18-23616 SHC Licensed Business LLC October 18, 2018
18-23630 SHC Promotions LLC October 22, 2018