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The company has said that the board received a letter from ESL Investments, Inc. (“ESL”) expressing interest in buying all or a portion of what Sears is calling its “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,” Sears said in a release.
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.
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Retail industry observers have speculated that Sears — formerly a retail giant once seen as the Amazon of its day — may seek bankruptcy protection this year. At the end of 2017, Sears’ sales were down 45 percent since early 2013, and its debt had risen to more than $4 billion.
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