Key Developments: Sears Holdings Corp (SHLD.O)

SHLD.O on Nasdaq

34.92USD
31 Oct 2014
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Latest Key Developments (Source: Significant Developments)

Sears Holdings Corp announces intent to conduct rights offering of units consisting of senior unsecured notes and warrants
Monday, 20 Oct 2014 07:00am EDT 

Sears Holdings Corp:Has approved a rights offering allowing its stockholders to purchase up to $625 million in aggregate principal amount of 8 pct senior unsecured notes due 2019 and warrants to purchase shares of its common stock.This rights offering will generate up to an additional $625 million in proceeds, if it is fully subscribed and closes as planned, with the proceeds to be used for general corporate purposes.  Full Article

Sears Holdings announces seven lease agreements with Primark
Monday, 20 Oct 2014 06:00am EDT 

Sears Holdings Corp:Has entered into lease agreements with Primark, a fashion retailer in Europe, for seven standalone stores.Primark will lease from Sears Holdings a total of about 520,000 gross square feet of retail space (about 400,000 net square feet retail space) in mall-based stores located in the Northeastern United States.The space is expected to be delivered to Primark over the next 12 to 18 months.  Full Article

Sears Canada Inc announces changes to license agreement with Sears Holdings
Thursday, 2 Oct 2014 06:30am EDT 

Sears Canada Inc:Says in connection with the rights offering announced by Sears Holdings Corp.Says Sears Holdings and the company have agreed to extend the agreement pursuant to which the company licences the right to use the Sears name and certain other brand names associated with a number of its major product lines.Says the agreement will continue to apply for so long as Sears Holdings continues to own 10 pct of the voting shares of the company and the company will have the continued right to use the trademarks on a royalty-free basis after termination for 5 years (currently 3 years).Says if, prior to the completion of the 5-year period, the company reasonably determines that a longer transition period is necessary, Sears Holdings will extend the license agreement for a further transition period not to exceed 4 years.  Full Article

Sears Holdings Corp completes separation of lands' end business; receives $500 million in gross proceeds
Friday, 4 Apr 2014 08:37pm EDT 

Sears Holdings Corp:Announced that its pro-rata spin-off of Lands' End, Inc. from Sears Holdings closed on April 4, 2014.Lands' End has now been separated from Sears Holdings and its common stock is expected to begin regular-way trading on the Nasdaq Capital Market under the symbol "LE" on April 7, 2014.Sears Holdings will continue to be listed on the Nasdaq Global Select Market under the symbol "SHLD".Sears Holdings received aggregate gross proceeds from the spin-off of $500 million, consisting of a cash dividend paid by Lands' End prior to the spin-off to a subsidiary of Sears Holdings.  Full Article

Sears Holdings Corp's board of directors approves separation of Lands' End business
Friday, 14 Mar 2014 06:38pm EDT 

Sears Holdings Corp:Says that the directors approved separation of its Lands' End business by means of a pro-rata spin-off transaction.To effect spin-off, Sears Holdings will distribute common stock of Lands' End, Inc. on pro rata basis to holders of Sears Holdings common stock, except that holders of Sears Holdings' restricted stock that is unvested as of record date will receive cash awards in lieu of shares.These cash awards will be subject to vesting requirements.Distribution will be made to Sears Holdings' stockholders of record as of 5:30 p.m. Eastern time on March 24, the record date for distribution.Distribution is expected to occur on April 4.Sears Holdings stockholders will receive 0.300795 shares of Lands' End common stock for each share of Sears Holdings common stock held as of 5:30 p.m. Eastern time on record date.  Full Article

Sears Holdings Corp signs lease agreement with DICK's Sporting Goods At King of Prussia Mall
Thursday, 16 Jan 2014 08:00am EST 

Sears Holdings Corp:Says has signed a sublease with DICK's Sporting Goods, to occupy a portion of its second floor at the King of Prussia Mall in King of Prussia, Pa.Says the two story anchor building will be renovated with Sears maintaining exterior entrances on both levels and the mall entrance on level one.Says DICK's Sporting Goods will have exclusive use of the mall entrance on level two and have its own exterior entrances.  Full Article

Sears Holdings Corp gives Q4, FY 2013 earnings outlook
Thursday, 9 Jan 2014 04:15pm EST 

Sears Holdings Corp:Sees Q4 2013 consolidated adjusted EBITDA, which excludes certain significant items, to be $(65)-$65 mln.Sees Q4 2013 net loss attributable to Holdings' shareholders to be $250-$360 mln, or $2.35-$3.39 loss per diluted share.Says this includes $41 mln of pension expense, $29 mln for store closures and severance and $12 mln from gains on sales of assets.Sees Q4 2013 net loss to be $213-$316 mln, or $2.01-$2.98 loss per diluted share.Says the ranges exclude the impact related to the Sears Canada real estate transactions previously announced, restructuring activities including severance, store closings.Says the range exclude impairment charges, an estimated non-cash charge of about $145 mln related to the establishment of an additional valuation allowance.Sees FY 2013 Adjusted EBITDA to be $(284)-$(414) mln.Sees FY 2013 net loss attributable to Holdings' shareholders to be $1.3-$1.4 bln, or $11.85-$12.88 loss per diluted share, which includes the Q4-to-date items, as well as the year-to-date adjustments.Sees FY 2013 net loss to be $811-$914 mln, or $7.64-$8.61 loss per diluted share, which exclude the impact related to the Sears Canada real estate transactions previously announced, Q4 restructuring activities including severance, store closings.Says the ranges exclude impairment charges, an estimated non-cash charge of about $145 mln related to the establishment of an additional valuation.  Full Article

Sears Holdings Corp announces filing of registration statement for spin-off of lands' end business
Friday, 6 Dec 2013 06:23am EST 

Sears Holdings Corp:Says in connection with its previously announced consideration of a separation of its Lands' End business, Lands' End, Inc it has filed a registration statement on Form 10 with the Securities and Exchange Commission.Says Sears Holdings intends to spin off its Lands' End business through the pro rata distribution of all of the shares of common stock of Lands' End, Inc.Says it expects the spin-off will be tax-free to U.S. stockholders except for any cash received in lieu of fractional shares.  Full Article

Sears Holdings Corp Issues Q3 2013 Guidance
Tuesday, 29 Oct 2013 06:30am EDT 

Sears Holdings Corp announced that for the third quarter of 2013, it expects net loss attributable to Holdings' shareholders in the range of $(532)-$(582) million and adjusted EBITDA in the range of $(250)-$(300) million for the third quarter of 2013.  Full Article

Sears Holdings Corp Announces Chief Executive Officer Transition
Monday, 7 Jan 2013 08:11pm EST 

Sears Holdings Corp announced that Louis J. D'Ambrosio will step down as Chief Executive Officer for family health matters at the end of the Company's fiscal year on February 2 , 2013. Edward S. Lampert will then assume the role of CEO of Sears Holdings, in addition to his role as Chairman of the Board of Directors. Mr. D'Ambrosio will remain on the Board until the Company's next Annual Meeting of Stockholders to be held in May 2013 and will be available to assist with a smooth transition.  Full Article

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Sears to close stores, lay off about 5,500: Seeking Alpha

- Sears Holdings Corp is shuttering more than 100 stores and laying off at least 5,457 employees, investor website Seeking Alpha reported on Thursday, indicating the struggling retailer may be stepping up store closures.

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