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Sears Roebuck & Company

Ultimate Parent: Sears Holdings
Department Store Retailer

Sears, Roebuck and Co., a wholly owned subsidiary of Sears Holdings Corporation (NASDAQ: SHLD), is a leading integrated retailer providing merchandise and related services and is part of Shop Your Way, a social shopping experience where members have the ability to earn points and receive benefits across a wide variety of physical and digital formats through shopyourway.com. Sears, Roebuck offers its wide range of home merchandise, apparel and automotive products and services through Sears-branded and affiliated full-line and specialty retail stores in the United States. Sears, Roebuck also offers a variety of merchandise and services through sears.com, landsend.com and specialty catalogs. Sears, Roebuck offers consumers leading proprietary brands including Kenmore, Craftsman, and DieHard – among the most trusted and preferred brands in the U.S. The company is the nation's largest provider of home services, with more than 14 million service and installation calls made annually. From LinkedIn

CORPORATE HIGHLIGHTS

11/14/2018: Unsecured creditors seek Company liquidation.

10/15/2018: Sears Holdings files Chapter 11.

BDC Credit Reporter View

BDC CREDIT REPORTER VIEW

The only BDC with exposure - TPG Specialty (TSLX) -has a so-called Asset Based Loan (ABL) to the Company. Sears Holdings and its subsidiaries filed for Chapter 11 October 15, 2018. On its IIIQ 2018 Conference Call  on 11/7/2018 TSLX revealed its ABL loan is expected to be rolled into the Sears Debtor-In-Possession facility.  TSLX added:"We believe our investment is well-secured by the company's working capital assets and additionally by the company's additional real estate collateral, which was pledged. Given the milestones in the bankruptcy case, we expect to be fully repaid on our principal investment within the first half of 2019". We added the Company to Watch List and non performing status  on hearing of the filing of the plan. We assume the ABL status will trump the bankruptcy filing and TSLX will be repaid in full.