Key Developments: Sears Holdings Corp (SHLD.O)

SHLD.O on Nasdaq

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28 Jul 2015
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Latest Key Developments (Source: Significant Developments)

Sears Holdings announces commencement of Seritage Growth Properties rights offering
Tuesday, 9 Jun 2015 09:37am EDT 

Sears Holdings Corp:Says Seritage Growth Properties has commenced a rights offering for at least 53,298,899 Class A common shares of Seritage.Says each subscription right allows holder to buy one half of 1 seritage common share for each share of sears holdings at $29.58/whole share.  Full Article

Sears HoldingsCorp and Macerich Co create a 50/50 JV
Thursday, 30 Apr 2015 09:56am EDT 

Sears HoldingsCorp And Macerich Co:Says they have formed a joint venture as part of Sears Holdings' continued efforts to enhance its financial flexibility and generate value from its real estate portfolio.Says Macerich contributed $150 million in cash to the JV, which has been distributed to Sears Holdings.Total purchase price for the 9 properties in the transaction is $300 million.In exchange for $150 million and a 50 pct JV interest, Sears Holdings contributed to JV 9 properties located at Macerich malls where Sears Holdings currently operates stores.Macerich contributed $150 million in cash for its 50 pct JV interest, which has been distributed to Sears Holdings in accordance with the terms of the agreements between the parties.Sears Holdings will lease back from the JV and continue to operate existing Sears Holdings stores at the properties contributed to JV.  Full Article

NY attorney general questions Sears Holdings Corp and other retailers’ practices for on-call staff, pay for short shifts - AP
Sunday, 12 Apr 2015 08:00pm EDT 

Sears Holdings Corp:New York’s attorney general has launched an inquiry into 13 retailers, questioning the practice of keeping workers on call for shifts on short notice and possible violations of the state requirement to pay hourly staff for atleast four hours when they report to work - The Associated Press.Letters were sent to Gap Inc., Abercrombie & Fitch, J. Crew Group Inc., L. Brands, Burlington Coat Factory, TJX Companies, Urban Outfitters, Target Corp., Sears Holding Corp., Williams-Sonoma Inc., Crocs, Ann Inc. and J.C. Penney Co. Inc.Attorney General has targeted New York employers who cheat or underpay low-wage workers, getting more than $17 mln in restitution for about 14,000 workers from fast food franchise owners, construction contractors and others.The attorney general’s office is now examining retailers and whether reporting in to an employer also triggers the pay requirement under New York law.The attorney general’s office said it has received reports of more employers setting shifts the night before or even just a few hours in advance, including these 13.  Full Article

Sears Holdings Corp and General Growth Properties announce 50/50 joint venture
Wednesday, 1 Apr 2015 06:18am EDT 

Sears Holdings Corp:Says the company and General Growth Properties Inc (GGP) have entered into a real estate joint venture (the JV).Under which Sears Holdings has contributed to the JV 12 Sears Holdings properties located at GGP malls, involving both existing Sears Holdings stores and certain property leased to third parties occupying former Sears Holdings stores.As part of the transaction, GGP has contributed cash to the JV, and the JV has leased back the existing Sears Holdings stores.Transaction is designed to unlock real estate value and enhance financial flexibility for Sears Holdings while at the same time providing the JV the opportunity to create additional value through re-development and re-leasing of up to 50 pct of each property.A subsidiary of Sears Holdings has contributed to the JV 12 properties at GGP malls where Sears Holdings currently operates department stores, in exchange for an interest in the JV and $165 million in cash.The transaction values these properties at $330 million in the aggregate.  Full Article

Sears Holdings Corp announces intent to conduct rights offering of units consisting of senior unsecured notes and warrants
Monday, 20 Oct 2014 07:00am EDT 

Sears Holdings Corp:Has approved a rights offering allowing its stockholders to purchase up to $625 million in aggregate principal amount of 8 pct senior unsecured notes due 2019 and warrants to purchase shares of its common stock.This rights offering will generate up to an additional $625 million in proceeds, if it is fully subscribed and closes as planned, with the proceeds to be used for general corporate purposes.  Full Article

Sears Holdings announces seven lease agreements with Primark
Monday, 20 Oct 2014 06:00am EDT 

Sears Holdings Corp:Has entered into lease agreements with Primark, a fashion retailer in Europe, for seven standalone stores.Primark will lease from Sears Holdings a total of about 520,000 gross square feet of retail space (about 400,000 net square feet retail space) in mall-based stores located in the Northeastern United States.The space is expected to be delivered to Primark over the next 12 to 18 months.  Full Article

Sears Canada Inc announces changes to license agreement with Sears Holdings
Thursday, 2 Oct 2014 06:30am EDT 

Sears Canada Inc:Says in connection with the rights offering announced by Sears Holdings Corp.Says Sears Holdings and the company have agreed to extend the agreement pursuant to which the company licences the right to use the Sears name and certain other brand names associated with a number of its major product lines.Says the agreement will continue to apply for so long as Sears Holdings continues to own 10 pct of the voting shares of the company and the company will have the continued right to use the trademarks on a royalty-free basis after termination for 5 years (currently 3 years).Says if, prior to the completion of the 5-year period, the company reasonably determines that a longer transition period is necessary, Sears Holdings will extend the license agreement for a further transition period not to exceed 4 years.  Full Article

Sears Holdings Corp completes separation of lands' end business; receives $500 million in gross proceeds
Friday, 4 Apr 2014 08:37pm EDT 

Sears Holdings Corp:Announced that its pro-rata spin-off of Lands' End, Inc. from Sears Holdings closed on April 4, 2014.Lands' End has now been separated from Sears Holdings and its common stock is expected to begin regular-way trading on the Nasdaq Capital Market under the symbol "LE" on April 7, 2014.Sears Holdings will continue to be listed on the Nasdaq Global Select Market under the symbol "SHLD".Sears Holdings received aggregate gross proceeds from the spin-off of $500 million, consisting of a cash dividend paid by Lands' End prior to the spin-off to a subsidiary of Sears Holdings.  Full Article

Sears Holdings Corp's board of directors approves separation of Lands' End business
Friday, 14 Mar 2014 06:38pm EDT 

Sears Holdings Corp:Says that the directors approved separation of its Lands' End business by means of a pro-rata spin-off transaction.To effect spin-off, Sears Holdings will distribute common stock of Lands' End, Inc. on pro rata basis to holders of Sears Holdings common stock, except that holders of Sears Holdings' restricted stock that is unvested as of record date will receive cash awards in lieu of shares.These cash awards will be subject to vesting requirements.Distribution will be made to Sears Holdings' stockholders of record as of 5:30 p.m. Eastern time on March 24, the record date for distribution.Distribution is expected to occur on April 4.Sears Holdings stockholders will receive 0.300795 shares of Lands' End common stock for each share of Sears Holdings common stock held as of 5:30 p.m. Eastern time on record date.  Full Article

Sears Holdings Corp signs lease agreement with DICK's Sporting Goods At King of Prussia Mall
Thursday, 16 Jan 2014 08:00am EST 

Sears Holdings Corp:Says has signed a sublease with DICK's Sporting Goods, to occupy a portion of its second floor at the King of Prussia Mall in King of Prussia, Pa.Says the two story anchor building will be renovated with Sears maintaining exterior entrances on both levels and the mall entrance on level one.Says DICK's Sporting Goods will have exclusive use of the mall entrance on level two and have its own exterior entrances.  Full Article

REFILE-BRIEF-Sears,Sears roebuck acceptance and kmart entered third amended credit agreement

July 21 - Sears Holdings Corp : * Says co Sears roebuck acceptance and kmart entered into a third amended and restated credit agreement * Says the credit agreement amends and restates the company's existing asset-based credit facility * Credit agreement provides a $3.275 billion asset-based revolving credit facility, including a $1.0 billion letter of credit sub-facility * Maturity date for $1.971 billion of the revolving credit facility has been extended to July 20, 2020 * Credit

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