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Sears Holdings Corporation Board Of Directors Approves The Separation Of Its Lands' End Business And Establishes March 24, 2014 As The Record Date For The Pro-Rata Distribution Of Shares Of Lands' End, Inc. Common Stock

We expect that entitlements to the shares of Lands' End common stock being distributed in the spin-off will also begin trading on a "when-issued" market on NASDAQ from a date determined by NASDAQ through the distribution date, after which time all shares of Lands' End common stock and Sears Holdings common stock will be traded on a regular settlement basis, or "regular-way" market.

Following the spin-off, Lands' End will be a publicly traded company independent from Sears Holdings, and Sears Holdings will not retain any Lands' End common stock.

The distribution is subject to the satisfaction or waiver of a number of conditions described in the registration statement filed by Lands' End with the Securities and Exchange Commission ("SEC"). Sears Holdings also reserves the right to withdraw and cancel the distribution if, at any time prior to the distribution date, the board of directors of Sears Holdings determines, in its sole discretion, that the distribution is not in the best interest of Sears Holdings or its stockholders, or that market conditions are such that it is not advisable to consummate the distribution.

In connection with the spin-off, Lands' End is pursuing an asset-based senior secured revolving credit facility, which would provide for maximum borrowings of approximately $175 million with a letter of credit sub-limit, and a senior secured term loan facility of approximately $515 million. We expect that the proceeds of the Term Loan Facility will be used to pay a $500 million dividend to a subsidiary of Sears Holdings immediately prior to consummation of the spin-off and to pay fees and expenses associated with the foregoing facilities of $15 million.

When available, copies of the information statement relating to the proposed spin-off may be obtained from Georgeson Inc., by calling (800) 868-1391 (toll-free) or by sending an email to landsend@georgeson.com.

A registration statement relating to these securities has been filed with the SEC, but has not yet become effective. No action is required by Sears Holdings stockholders in order to receive shares of Lands' End common stock in the distribution. This press 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 in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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