Sears 2011 Annual Report Download - page 109
Download and view the complete annual report
Please find page 109 of the 2011 Sears annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99 -
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108 -
109 -
110 -
111 -
112 -
113 -
114 -
115 -
116 -
117 -
118 -
119 -
120
-
121
-
122
 |
 |
NOTE 21—SUBSEQUENT EVENTS
As noted on February 23, 2012, the company entered into an agreement with General Growth Properties to
sell eleven properties (6 owned and 5 leased) for $270 million in net cash proceeds. We expect to close this
transaction in April 2012.
We also announced our plan to separate Sears Hometown and Outlet businesses and certain hardware stores
in the third quarter through a transfer to electing shareholders, which is expected to generate in the range of $400
million to $500 million in proceeds.
As noted on March 2, 2012, Sears Canada, a consolidated, 95%-owned subsidiary of Sears, entered into an
agreement with The Cadillac Fairview Corporation Limited to surrender and early terminate the leases on three
properties for $170 million Canadian in cash proceeds. The transaction is expected to close in April 2012.
109