Sears Holdings Corp. has been trying to sell certain assets for two years, and now ESL Investments is stepping up to the plate to say it is a willing buyer.The hedge fund managed by Edward S. Lampert, who is also chairman of Sears, sent a letter to the company’s board stating that Sear’s Kenmore appliance brand, its home improvement business and its PartsDirect business of the Sears Home Services Business should be divested. ESL is also ready to acquire some real estate owned by the company on the condition that it will also enter into a master lease so the stores can continue to operate. Sears pegged the enterprise value of the home improvement business and the PartsDirect business at $500 million. It further said it would enter into agreements with Sears after acquisition to ensure that those businesses can continue operations.ESL said Lampert would not participate in any discussions, and any transaction would need approval from a special committee of the company’s board and its shareholders. Further, any transaction would be subject to a “go shop” process to see whether Sears can get a better offer.ESL calculates a transaction would involve an exchange offer of 50 percent of $600 million in outstanding second lien indebtedness not secured by real estate for equity in Sears of equal value and 100 percent of Sears’ $900 million in outstanding unsecured indebtedness at a discount of Sears’ current trading price or for Sears equity. ESL said in its letter that the tender offer would be “beneficial to the debt holders” by providing liquidity.Sears said the independent committee of the company’s board would review the letter.
"'Dynasty' is all about gowns, the diamonds and the scandal, so it's a bit like the fashion industry. When we come to Cannes it's all about the red carpet dresses too, so it all fit really well," said designer @philippplein78 on the theme of his high-glamour resort 2019 show at his mansion in Cannes. #wwdfashion #cannes (📷: @zefashioninsider)
"I think Spike is such a brilliant director because he holds up a mirror to society and reflects these issues, yet he doesn't shove it down your throat, he doesn't tell you what to think," says @lauraharrier on her latest film @Blackkklansman. Harrier was at the Cannes Film Festival – for the very first time – with @officialspikelee. #wwdeye #cannes (📷: @zefashioninsider)
“I would think to myself, Are you happy? Yes, I’m wildly happy. I go to this studio every day and, in my inside voices, I’m giggling; I’m singing. Yes, it’s a lot of work, it’s a [huge] volume of material. It wouldn’t be for everybody. But I was very happy,” said soap opera star @therealsusanlucci of checking in throughout the years with her career trajectory. Lucci spoke to WWD about her decades-long career, love for pilates, motherhood and her QVC activewear line. Read Bridget Foley’s full piece on Lucci on WWD.com #wwdfashion (📷: @celestesloman)
@balmain has taken a stand at the #cannes Film Festival, dressing 16 actresses at a press call for the project “Noire N’est Pas Mon Metier,” or “Black Is Not My Profession.” The multimedia project includes a book, photo exhibit and documentary, which aims to expose discrimination in the French and American entertainment industries. “The moment I was asked to participate, I knew it was right for me, and for this brand, to form a part of this moment,” Balmain creative director @olivier_rousteing told WWD. #wwdnews #wwdfashion
"I always feel curious and I feel like there's more to learn. But I think being relevant, feeling relevant, I personally always feel that there's just so much more to know. And maybe that's the key.” — @themarcjacobs #wwdsummits #wwdbeauty (📷: @patrickmacleodphoto )
“The most amazing thing about her is that, regardless of all the things that have happened to her, her spirit is so undaunted by all of it. She is the most cheerful person you will ever meet. She doesn’t see problems, she only sees solutions,” said @ajanaomi_king of activist Ifrah Ahmed, who she plays in a new film “A Girl from Mogadishu.” WWD caught up with King at Cannes — Head to WWD.com to read more about her new role, personal style and how she uses social media for causes like Time’s Up and Black Lives Matter #wwdeye
WWD asked a number designers to share their thoughts on what Meghan Markle’s wedding gown will look like this Saturday. Here, Valentino’s Pierpaolo Piccioli sketches his look. #wwdfashion #royalwedding #meghanmarkle