On April 5, 2019, Transform Holdco LLC made a non-binding offer to the board of directors of Sears Hometown and Outlet Stores, Inc. to acquire all of the outstanding shares of common stock of the Company not already owned by affiliates of it for a price of $2.25 per share of common stock in cash. In addition, Transform Holdco and ESL Investments expressed their view that the offer would provide certain value and liquidity at a considerable premium to the current market price of the Company’s shares of common stock and would provide a superior outcome to the Company’s stockholders as compared to the uncertain outcomes facing the Company on its current path as a standalone company.