Sears Holdings Announces Increased Share Repurchase Authorization
Sears Holdings Corporation (NASDAQ: SHLD) announced today that its Board of Directors has approved the repurchase of up to an additional $500 million of the Company's common shares. This authorization is in addition to the $82 million worth of shares that currently remain available for repurchase under the Company's existing repurchase program. Share repurchases may be implemented using a variety of methods, which may include open market purchases, privately negotiated transactions, block trades, accelerated share repurchase transactions, the purchase of call options, the sale of put options or otherwise, or by any combination of such methods. Timing of repurchases is dependent on prevailing market conditions, alternative uses of capital and other factors.
Since the beginning of fiscal year 2009 though December 16, 2009, the Company repurchased 7.1 million common shares at a total cost of approximately $423 million. As of December 16, 2009, we had approximately 114.7 million common shares outstanding.
About Sears Holdings Corporation
Sears Holdings Corporation is the nation's fourth largest broadline retailer with approximately 3,900 full-line and specialty retail stores in the United States and Canada. Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, home electronics and automotive repair and maintenance. Key proprietary brands include Kenmore, Craftsman and DieHard, and a broad apparel offering, including such well-known labels as Lands' End, Jaclyn Smith and Joe Boxer, as well as the Apostrophe and Covington brands. It also has the Country Living collection, which is offered exclusively by Sears and Kmart. We are the nation's largest provider of home services, with more than 12 million service calls made annually. Sears Holdings Corporation operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation. For more information, visit Sears Holdings' website at www.searsholdings.com.
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SOURCE: Sears Holdings Corporation
CONTACT: Sears Public Relations and Communications, +1-847-286-8371
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