Lampert's ESL Investments is finally approved to buy the iconic retail giant amid protests from creditors
Sears Holdings Corp
Sears’ principal activity is to operate full-line and specialty retail stores. It currently operates 3,800 stores in the United States and Canada.
| EPIC: | SHLD |
| Market: | NASDAQ:SHLD |
| Sector: | General Retailers |
| Website: | www.searsholdings.com |
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Sears Holdings Corp Timeline
Newswire
Beleaguered Sears nears financing deal to stay open until Christmas to stave off bankruptcy, says CN
The retail chain would need to close some of its stores immediately as part of the deal
The iconic company appears to be teetering on the verge of going out of business
Company still struggling to return to profitability as it shutters more stores
Eddie Lampert has proposed signing a tentative deal and then allowing Sears to shop for a competing offer before closing the deal within 60 to 90 days
Sears is expanding its partnership with Amazon to provide full-service tire installation to online customers
The beleaguered retailer is targeting 100 of its loss-making stores and will start the process of closing 72 of them imminently
The Kenmore brand, as well as home improvement products and parts-direct division may be up for sale
The retailer recently announced a tire deal with Amazon, sending it shares soaring
Amazon's customers will select tires online and choose a Sears location, which will install them
Sears Holdings chairman and CEO Edward Lampert said the group "must substantially improve our sales and gross margin performance" to "ensure our long-term viability"
"We are actively pursuing transactions to adjust our capital structure"
The department store chain said it would continue to look to diversify revenue streams through third-party partnerships, and build on momentum around appliances and mattresses
The owner of Sears and Kmart stores warned that it would post a third quarter loss of between US$525.0mln and US$595.0mln
Sears reported a quarterly loss, of US$1.16 per share, but, that was much better than Wall Street expected
Sears has so far achieved US$1bn in annualised cost savings in its overhaul of the business
Saars continued to bleed sales, but not as dramatically as feared
The embattled retailer currently has debts of US$4.2bn, up from US$3bn a year ago.
There were more losses reported at Sears Holdings Corp (NASDAQ:SHLD), the under-the-cosh clothes retailer.
Sears’ branded stores saw a 7.1% like-for-like decline in sales while Kmart registered a 5% fall.
The bright spot was a slowing in the like-for-like sales decline
