HOFFMAN ESTATES, Ill.-W. Bruce Johnson, former interim president and CEO of Sears Holdings, has agreed to become president and CEO of Sears Hometown and Outlet Stores once Sears Holdings spins this business off.
The parent company announced in February that it would separate itself from Sears Hometown and Outlet Stores through a rights offering. The rights will be distributed to holders of Sears Holdings stock, and will entitle rights holders to purchase common stock in Sears Hometown and Out Stores. The transaction, which is slated for completion in the third quarter, is expected to generate $400 million to $500 million in cash for Sears Holdings.
Once the rights offering is completed, Johnson will leave his current post as executive vice president of off-mall businesses and assume his roles with Sears Hometown and Outlet Stores. He served as interim CEO from February 2008, succeeding Aylwin Lewis, until he was succeeded in February of last year by Lou D’Ambrosio.