Just weeks after the announcement that ESL Holding was pursuing the shares of the company it didn’t yet own, Sears Hometown & Outlet Stores reported lower quarterly comps and earnings.
The current owners of Sears and Kmart have reached an agreement to purchase the remaining outstanding shares of Sears Hometown and Outlet Stores.
Sears Hometown & Outlet Stores said it received a proposal on Friday, April 5, from Transform Holdco LLC, an entity affiliated with the company’s majority stockholder ESL Investments, Inc., to acquire all of the outstanding shares of the company’s common stock not already owned by ESL and its affiliates for a purchase price of $2.25 per share.
Edward Lampert has resigned as chairman of Sears Holdings board of directors just days after an affiliate of his company, ESL Holdings, acquired the retailer out of bankruptcy.
Nearly four months after Sears Holdings filed for Chapter 11 bankruptcy protection, the acquisition of the retailer by ESL Investments is now official.