SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 of the
Securities Exchange Act Of 1934
Date of Report (Date of earliest event reported): December 20, 1993
SEARS DC CORP.
(Exact name of registrant as specified in its charter)
Delaware 0-17955 36-3555546
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
3711 Kennett Pike
Greenville, Delaware 19807
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (302) 888-3190
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Item 5. Other Events.
The Board of Directors of Sears DC Corp. ("SDC") declared a $167
million dividend on December 20, 1993 to its sole stockholder, Sears,
Roebuck and Co. ("Sears"), payable on December 30, 1993. The Board also
approved payment to Sears on December 30, 1993 of $319 million out of
capital in excess of par value, such payment is characterized as a
dividend under the Delaware General Corporation Law. Payment was
effected by a $486 million reduction in SDC's investment in the notes
of Sears and reduces capital at SDC to $5 million at December 31, 1993.
The Net Worth Maintenance Agreement between Sears and SDC, which
provides for Sears to maintain ownership of and positive stockholder's
equity in SDC, remains in full force and effect. The reduction in
capital was made possible as a result of Sears strategic repositioning
that was completed in November 1993, with the sale of its Sears Mortgage
Banking operations.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
SEARS DC CORP.
By: /S/ Alice M. Peterson
ALICE M. PETERSON
President and Chief Executive Officer
January 7, 1994
