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BRIEF-Sears Holdings provides update on restructuring program
April 21, 2017 / 9:06 PM / 3 months ago

BRIEF-Sears Holdings provides update on restructuring program

2 Min Read

April 21 (Reuters) - Sears Holdings Corp:

* Sears Holdings details progress and further actions under strategic restructuring program

* Sears Holdings - updates strategic restructuring program, including incremental actions to up annualized cost savings target to $1.25 billion from $1.0 billion

* Sears Holdings- remains focused on its integrated retail strategy, is actively pursuing a number of new partnerships and other membership offerings

* Sears Holdings Corp - company expects to report positive net income for q1 of 2017

* Sears Holdings Corp - is in discussions with its lenders to evaluate refinancing options for its secured loan facility maturing in July 2017

* Sears Holdings - Rob Riecker, currently controller and head of capital market activities, has been appointed chief financial officer of Sears Holdings

* Sears Holdings Corp - Riecker succeeds Jason Hollar, who has resigned from Sears Holdings

* Sears Holdings says "retail environment remained challenging with continued softness in store traffic and elevated price competition" in Q1

* Says since beginning of fiscal year, comparable store sales at sears and Kmart declined 11.9 pct on a combined basis

* Sears Holdings-expect q1 2017 net income attributable to shareholders will range between $185 million- $285 million, excludes impact of any additional store closures

* Sears Holdings Corp - currently expect q1 2017 adjusted ebitda in the range of a loss of $230 million and $190 million

* Says evaluating bids for real estate properties in excess of $700 million Source text for Eikon: Further company coverage:

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