Sears Holdings Corporation (NASDAQ: SHLD) announced today that its Board of Directors has approved the repurchase of up to $500 million of the Company's common shares. This authorization is in addition to the $66 million worth of shares that remain available for repurchase under the $500 million share repurchase program announced on September 14, 2005. Since initiating that program, Sears Holdings has purchased approximately 3.65 million of the Company's common shares at an average cost per share of $118.86.
Sears Holdings had approximately 161 million shares outstanding on October 14, 2005.
The shares will be purchased in the open market or in privately negotiated transactions. Timing will be dependent on prevailing market conditions, alternative uses of capital and other factors. Additionally, the Company's Board of Directors has authorized repurchases to be made under Rule 10b5-1 of the Securities Exchange Act of 1934. A Rule 10b5-1 plan allows Sears Holdings to repurchase its shares during periods when the Company would normally not be active in the market due to its own internal trading blackout periods. All Rule 10b5-1 purchases must be made according to a predefined plan that is established when senior management of the Company is not aware of material, non-public information.
About Sears Holdings Corporation
Sears Holdings Corporation is the nation's third largest broadline retailer, with approximately $55 billion in annual revenues, and 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 Martha Stewart Everyday products, which are offered exclusively in the U.S. by Kmart and in Canada by Sears Canada. The Company is the nation's largest provider of home services, with more than 14 million service calls made annually. For more information, visit Sears Holdings' website at http://www.searsholdings.com/ .
SOURCE: Sears Holdings Corporation
CONTACT: Sears Holdings Public Relations, +1-847-286-8371
Web site: http://www.searsholdings.com/