SHOS Stock Price | Sears Hometown & Outlet Stores Inc. Stock Quote (U.S.: Nasdaq)

0
198


Sears Hometown & Outlet Stores board discussing liquidation

The board at Sears Hometown & Outlet Stores Inc. is meeting on Monday to discuss a possible liquidation, according to a filing, a move opposed by ESL Investments Inc., Eddie Lampert’s hedge fund and a shareholder. ESL and its affiliates own about 58% of Sears Hometown shares. On April 8, Sears Hometown announced that it had received a bid from Transform Holdco for $2.25 per share for all of the outstanding stock ESL doesn’t already own, which was countered with a proposed $9.50 per share price. ESL voiced its opposition to liquidation on Friday. “Any decision to liquidate the Hometown business would have a negative effect on Hometown owners and their families, who have supported the company for more than 25 years, along with their employees and the communities that they serve,” says an ESL statement. ESL removed William Phelan and David Robbins from the Sears Hometown board according to the filing, and has appointed Alberto Franco and John Tober. It also changed the company bylaws so that liquidation can only happen after notice to shareholders and two votes at least 30 days apart with the support of at least 90% of directors. Sears Hometown shares have slumped 2.6% in Monday trading, but gained 5.6% for the year to date. THe S&P 500 index is up 15.7% for 2019 so far.






Source : MTV