For now, both the Sears and Kmart nameplates and their online and mobile platforms will continue in operation.
The appointment of a trustee if Sears files a Chapter 7 is expected to result in a messy and lengthy legal process.
ABG has also partnered with Ariel Chaus for the acquisition of the Bernard Chaus Inc. brands from Camuto Group.
The deal is expected to close later this month.
Carries Ask joins as brand president, while Scott Norris moves to chief merchandising officer role.
The two independent proxy advisory firms are in favor of the planned merger.