Accelerating our Strategic Transformation and Facilitating our Financial Restructuring
Sears Holdings has announced a series of actions to position the Company to establish a sustainable capital structure, continue streamlining its operating model and grow profitably for the long term. To facilitate these actions, the Company and certain of its subsidiaries have commenced voluntary Chapter 11 proceedings. Our goal is to emerge as a member-centric company, reorganized around a smaller platform of profitable stores, with the capital needed to allow us to prosper in the future.
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 Company’s Sears and Kmart stores, and its online and mobile platforms, are open and continue to offer a full range of products and services to members and customers. Holdings’ services and brand businesses will also continue to operate as usual. Sears Holdings’ loyalty programs, including the Shop Your Way membership program, and the Sears and private label credit card rewards programs, continue as normal. The Company is committed to working with its vendors and other partners to help maintain inventory levels and ensure timely product delivery.
Court filings and other documents related to the court-supervised process are available on a separate website administered by the Company’s claims agent, Prime Clerk, http://restructuring.primeclerk.com/sears.
For more information, please call (844) 384-4460 (for toll-free domestic calls) or +1 (929) 955-2419 (for tolled international calls).