Sears Holdings Enters Into Plan Protection Arrangement With PBGC

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Sears Holdings (SHLD) Enters Binding Term Sheet with PBGC

September 8, 2015 6:13 AM EDT

Sears Holdings (NASDAQ: SHLD) announced that it has been in discussions with the Pension Benefit Guaranty Corporation ("PBGC") with respect to the Company's rights offering and sale-leaseback transaction with Seritage Growth Properties, a recently formed, independent publicly traded real estate investment trust, which closed on July 7, 2015, and the Company has entered into a binding term sheet for a five-year agreement (the "Agreement") with PBGC, subject to entry into definitive documentation in the next 60 days. Pursuant to... More