ESL makes play for Sears Hometown & Outlet Stores
A subsidiary of ESL Investments has proposed purchasing all of the outstanding shares of Sears Hometown and Outlet Stores (SHOS) not already owned by ESL.
SHOS reported that it received a proposal from Transform Holdco LLC (Transform) on the evening of April 5. Transform was formed by ESL this past January to purchase the remaining assets of Sears Holding Corp.
Transform is now offering $2.25 per share for shares not already owned by ESL and its subsidiaries. ESL is the largest shareholder of SHOS. The stock closed at $1.70 on April 5 and was trading at $1.90 on the morning of April 8. ESL is SHOS’s largest shareholder.
SHOS said its board of directors has formed a special committee to review the offer.
Last month SHOS reported fourth quarter sales fell 6.7% to $298.6 million. The company also reported net loss of $30.3 million for the quarter.
SHOS reported that it received a proposal from Transform Holdco LLC (Transform) on the evening of April 5. Transform was formed by ESL this past January to purchase the remaining assets of Sears Holding Corp.
Transform is now offering $2.25 per share for shares not already owned by ESL and its subsidiaries. ESL is the largest shareholder of SHOS. The stock closed at $1.70 on April 5 and was trading at $1.90 on the morning of April 8. ESL is SHOS’s largest shareholder.
SHOS said its board of directors has formed a special committee to review the offer.
Last month SHOS reported fourth quarter sales fell 6.7% to $298.6 million. The company also reported net loss of $30.3 million for the quarter.