Sears Holdings in general seems not optimistic about its business prospects lately. Just recently, it mentioned that it would cut 400 full-time jobs at its Illinois headquarters as part of a plan to save more than $1 billion.
AFTER NEARLY TWO YEARS IN THE RED, SEARS TURNS A PROFIT IN Q1
After nearly two years of sales declines, and an almost imminent closure of business, Sears Holdings Corporation is showing some signs of a rebound.
SEARS SEES ‘SUBSTANTIAL DOUBT’ THAT IT CAN STAY IN BUSINESS
Despite a $200 million cash injection late last year and glimmers of hope from its turnaround plan, it’s looking more and more likely that struggling retailer Sears will not survive in the end. The latest indication is wording from its annual filing with the Securities and Exchange Commission (SEC), which stated: …
Store Closings Continue: Macy’s, Sears
Macy’s and Sears are both closing a significant number of stores, worrying malls across the country who are in danger of losing not one but both anchor tenants. According to CNBC, in a note to investors on Tuesday, Morgan Stanley analysts identified 578 malls that have Sears as a tenant — …
SEARS ACQUIRES LETTER OF CREDIT WORTH $200M
Sears is putting up a good fight in the middle of tough times. After recent reports of hemorrhaging sales, the company announced that it has obtained a letter of credit facility, which will provide Sears with additional liquidity to fund its operations and allow it to request standby letters of …
OMNICHANNEL WILL BE KEY FOR 2017 RETAIL GROWTH, SAYS REPORT
Retailers, here’s a heads up: omnichannel retailing will continue to grow in 2017, and will be more pivotal for business development. In a recent Outlook report, finance agency Fitch Ratings found out that the best way retailers can holistically serve their customers in both online and brick-and-mortar mediums is through …
SEARS SLIPS INTO A FREE FALL WITH SALES HEMORRHAGING IN Q3 & A DISMAL FORECAST
Ouch. Earlier this week, Sears Holdings Corporations reported a net loss of $748 million ($6.99loss per diluted share) for the third quarter of 2016, compared to a net loss of $454 million ($4.26 loss per diluted share) for the prior year third quarter. And the numbers kept getting worse from there. …
THE CITY OF LOS ANGELES IS SUING MACY’S, J.C. PENNEY, SEARS AND KOHL’S
Macy’s, J.C. Penney, Sears and Kohl’s are simultaneously being slapped with a lawsuit by the city of Los Angeles. The charge is “false reference pricing,” a tactic that tricks shoppers into thinking they’re getting great sales and discounts when, in fact, they are just being tricked. In a statement about …
SEARS HOLDINGS REPORT DISMAL Q2 EARNINGS
Sears Holdings Corporation announced financial results for its second quarter ended July 30, 2016 and it wasn’t good (although a loss was narrowed). In summary: Revenues dropped to $5.7 billion in Q2, compared to revenues of $6.2 billion for Q2 2015. Comp sales at Kmart and Sears Domestic stores declined 3.3% …
SEARS’ CONTINUED SLUMP SPARKS DEPARTURE OF CHIEF FINANCIAL OFFICER
Illinois-based department store chain Sears Holdings has reported another decline in sales for Q1 2016. In a lengthy breakdown of the company’s financials, Sears Holdings also announced the departure of its CFO. Revenues decreased approximately $488 million to $5.4 billion for the quarter ended April 30, 2016, compared to revenues …
More Store Closings for Sears Holdings
Sears Holdings is closing 78 stores (68 Kmart and 10 Sears stores) this summer. In February, the company said that it would accelerate the closing of unprofitable stores and this is now closer to fruition. “The decision to close stores is a difficult but necessary step as we take aggressive …
Sears Holdings to Shutter Even More Kmart, Sears Doors
Hoffman Estates, IL—Lately, store closings have been a signal that business is off at some channels of retail. New closings reported by Sears Holdings Corp. on Wednesday are being given particular scrutiny due to the department store company’s struggling business overall. In what it called an annual review of its …
Sears Holdings Q3 Sales Down 20% Despite Narrowed Loss
Hoffman Estates, IL—Sears Holdings Corp. today reported a wider-than-expected third quarter loss even though its declining sales topped projections. For the three months ended Oct. 31, the parent of Sears and Kmart posted a loss of $454 million, or $4.26 a share, compared with a loss of $548 million, or …
Surprise: Sears Jumps in Popularity as Back-to-School Destination
London—Poor Sears hasn’t made many “best of” lists lately. After years of losing sales, spin offs, REITS etc. the beleaguered company is often cited as one of the worse: worst CEO, worst working conditions etc. But believe it or not, in its first Back to School survey of the season, …
Amid Narrowed Q4 Loss, Sears Holdings Plans to Sell Off Stores
Hoffman Estates, IL—Despite a smaller fourth quarter loss than last year, Sears Holdings plans to continue on Chairman Edward Lampert plans to dismantle the company as it posts its fourth straight year of drastic losses. In a letter accompany today’s earnings report, Lampert said that the company plans to sell …
Sears Holdings to Close 235 Stores By Year’s End
Hoffman Estates, IL—There was plenty of hype around Sears and Kmart stores during Black Weekend, but the news 10 days later isn’t so upbeat. The struggling retailer evidently plans to close even more stores by the end of the year. After suffering from gigantic losses, Sears Holdings is hoping to …
Report: Sears Holdings to Close 110 Stores, Layoff 6,000
Hoffman Estates, IL— Sears Holdings is once again being dogged by rumors much like JCPenney was a year ago. Today, in a report on Seeking Alpha, a Wall Street site, the retailer evidently is planning to lay off more than 6,000 employees and closing 110 stores. The report said that …
Sears Holdings to Lease Primark 7 Retail Locations
Hoffman Estates, IL—Sears Holdings continues to look for ways to scape cash together. Today it announced lease agreements with Primark for seven standalone stores in deals that analysts say are lower than most competitive rates. Last week, Sears Holdings initiated a rights offering will allow its stockholders to buy up …
Sears to Borrow $400 Million Following Ratings Downgrade
Hoffman Estates, IL—Sears Holdings is borrowing $400 million from an investment fund headed by the department store retailer’s chairman and CEO Edward Lampert, in a move that comes days after Fitch Ratings lowered its credit rating on the company. The loan is being made by entities affiliated with ESL Investments, …
Sears Holdings Q2 Loss Widens on “Unacceptable Sales”
Hoffman Estates, IL—Sears Holdings today reported another dismal earnings report. This time, its second quarter profit widened to $573 million, its 9th straight quarterly loss. Sears has been embarking on a program on reduce costs, close stores and improve pricing and promotions. Chairman/CEO Edward Lampert has been selling or spinning …