ESL Investments was selected as the winning bidder in the court-supervised bankruptcy auction of Sears Holdings. 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, subject to court approval.
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.”
Weil, Gotshal & Manges is serving as legal counsel to Sears, while M-III Partners serves as restructuring advisor and Lazard Frères & Co. as investment banker.