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HOFFMAN ESTATES, Ill., June 23, 2011 /PRNewswire-FirstCall/ -- Sears Holdings Corporation ("Holdings," "we," or "our") (NASDAQ: SHLD) today announced that Orchard Supply Hardware Stores Corporation ("Orchard"), which currently operates 89 full-service hardware stores in California, has filed a Registration Statement on Form S-1 with the Securities and Exchange Commission in connection with Holdings' plan to spin off its interest in Orchard. 聽The spin-off will result in Holdings shareholders owning all of the capital stock of Orchard that is owned by Holdings immediately prior to the spin-off, which will consist of common stock that will represent approximately 80% of the voting power of Orchard's outstanding capital stock and preferred stock that will represent 100% of Orchard's outstanding nonvoting capital stock. 聽The spin-off would be effected through the pro rata distribution of the Orchard common stock and preferred stock that we hold to our shareholders. 聽We expect that the spin-off will be tax-free to Holdings' shareholders for U.S. federal income tax purposes, except for any cash received in lieu of fractional shares. 聽The spin-off is subject to final approval by the Holdings board of directors and the satisfaction of certain other conditions, and Holdings may, at any time until the spin-off, decide to abandon the spin-off or modify or change the terms of the spin-off. 聽Holders of Holdings common stock as of the record date for the spin-off will not be required to make any payment, surrender or exchange any shares of Holdings common stock or take any other action to participate in the spin-off.

Additional information concerning Orchard and the proposed spin-off is contained in the Registration Statement.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. 聽These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Sears Holdings Corporation

Sears Holdings Corporation is the nation's fourth largest broadline retailer with over 4,000 full-line and specialty retail stores in the United States and Canada. 聽Sears Holdings is the leading home appliance retailer as well as a leader in tools, lawn and garden, consumer electronics and automotive repair and maintenance. 聽Sears Holdings is the 2011 ENERGY STAR庐 Retail Partner of the Year. 聽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. 聽It also has the Country Living collection, which is offered by Sears and Kmart. 聽We are the nation's largest provider of home services, with more than 11 million service calls made annually. 聽Sears Holdings Corporation operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation. 聽For more information, visit Sears Holdings' website at .

NEWS MEDIA CONTACT:
Sears Holdings Public Relations
(847) 286-8371

SOURCE Sears Holdings Corporation