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Sears Holdings Corp (SHLD.O)

SHLD.O on Nasdaq

7.54USD
17 Feb 2017
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$0.15 (+2.03%)
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Latest Key Developments (Source: Significant Developments)

Sears to cut debt, pension obligations by atleast $1.5 bln this year
Friday, 10 Feb 2017 08:40am EST 

Sears Holdings Corp : Sears Holdings outlines next phase of its strategic transformation . Sears Holdings Corp - launches comprehensive restructuring to streamline operations, targeting at least $1.0 billion in annualized cost savings in 2017 . Sears Holdings Corp - right-sizes asset-based credit facility, creating an incremental $140 million in liquidity . Sears Holdings Corp - plans to reduce outstanding debt and pension obligations by at least $1.5 billion . Sears Holdings Corp says company entered into an agreement to amend our existing asset-based credit facility . Sears Holdings Corp - intends to optimize product assortment at sears and kmart stores . Sears Holdings Corp - continue to evaluate strategic options for Kenmore and Diehard brands . Sears Holdings Corp - obtaining additional $179 million of loan proceeds, which fully utilizes $500 million senior secured loan facility entered into on jan 4 . Sears Holdings - initiating closing process of 150 stores announced during q4 with expectation to complete closures of all 150 stores during q1 2017 . Says expect total revenues of $6.1 billion and $22.1 billion for q4 and full-year of 2016 . Sears Holdings Corp - on february 10, 2017, company entered into an agreement to amend our existing asset-based credit facility . Sears Holdings - continue to evaluate strategic options for sears home services, sears auto centers business through partnerships, jv or other means.  Full Article

Sears holdings CFO in presentation - "We cannot guarantee when we will return to profitability"
Thursday, 8 Dec 2016 07:31am EST 

Sears Holdings Corp : CFO in presentation - over the past several years, have significantly reduced the size of our consumer electronics business . Since inception, have invested over $2 billion in shop your way membership program in terms of points redeemed by members . Q3 gross margin drop due to declining performance in apparel and home appliance, more markdowns; including increase in Shop Your Way points expense . Reliance on vendor funding and their exposure to sears holdings has been reduced significantly . CFO- "believe that we have the resources to fund our transformation and meet all of our financial obligations" . CFO- will continue to accelerate closing of underperforming stores and reduce investment in underperforming categories . CFO in presentation - "We cannot guarantee when we will return to profitability" . CFO - in the past quarter, have reduced the size of pharmacy business which operates in many Kmart stores . Reducing investment in lower margin categories, improved sourcing and pricing initiatives designed to drive more profit . CFO- " have ongoing discussions on our liquidity and financial position with vendor community, and 3rd parties that offer credit protection to our vendors" . CFO- "we have a significant asset base which we believe could be monetized to generate liquidity" . CFO- "have over 400 owned stores and large portfolio of leases at below market rents that can be monetized to support transformation".  Full Article

Sears Holdings reports third quarter 2016 results
Thursday, 8 Dec 2016 06:20am EST 

Sears Holdings Corp : Sears Holdings reports third quarter 2016 results . Q3 revenue $5.0 billion versus $5.8 billion . Q3 loss per share $6.99 . Q3 adjusted loss per share $3.11 . Q3 same store sales fell 7.4 percent . Sears Holdings Corp says company's cash balances were $258 million at october 29, 2016 compared with $238 million at January 30, 2016 . Sears Holdings Corp says continue to evaluate opportunities for Kenmore, Craftsman and DieHard brands and Sears Home Services business . Sears Holdings Corp says qtrly Kmart comparable store sales decreased 4.4% . Sears Holdings Corp says also intend to take actions on our own that present opportunity to improve economics of these brands and business . Sears Holdings Corp says merchandise inventories were $5.0 billion at October 29, 2016, compared to $6.2 billion at October 31, 2015 . Sears Holdings Corp says taking actions such as reducing unprofitable stores, reducing space in stores co continues to operate . Sears Holdings Corp says total long-term debt was $3.7 billion and $2.2 billion at October 29, 2016 and January 30, 2016, respectively . Sears Holdings Corp says taking actions such as reducing investments in underperforming categories and improving gross margin performance.  Full Article

Sears Holdings says Steven T. Mnuchin to step down
Friday, 2 Dec 2016 09:42am EST 

Sears Holdings Corp : Sears Holdings announces board change . Steven T. Mnuchin has informed company that he has decided to step down .Mnuchin's departure decreases number of Sears Holdings' directors to nine.  Full Article

Sears Holdings names Jason Hollar chief financial officer
Friday, 14 Oct 2016 06:00am EDT 

Sears Holdings Corp : Sears Holdings names Jason Hollar chief financial officer . Sears Holdings Corp - prior to joining Sears Holdings, Hollar was at Delphi Automotive .Sears Holdings Corp - Jason Hollar succeeds Robert Schriesheim as CFO.  Full Article

Sears's Craftsman unit said to get interest from Black & Decker, Hong Kong's TTI- Bloomberg, citing sources
Tuesday, 4 Oct 2016 12:27pm EDT 

:Sears's Craftsman unit said to get interest from Black & Decker, Hong Kong's TTI; bids may value the unit at $2 bln-Bloomberg citing sources.  Full Article

Sears Holdings CEO says no plans to shut Kmart
Monday, 3 Oct 2016 02:26pm EDT 

Sears Holdings Corp :CEO Eddie Lampert says "there are no plans and there have never been any plans to close the Kmart format" -blog post.  Full Article

Sears Holdings - Co, Sears Roebuck, Kmart enters into second lien credit agreement
Friday, 2 Sep 2016 04:39pm EDT 

Sears Holdings Corp : Co , Sears Roebuck Acceptance Corp. and Kmart Corporation entered into a second lien credit agreement- SEC filing . Pursuant to agreement borrowers borrowed $300 million of term loans . Maturity date for term loan is July 20, 2020 and term loan will not amortize . Credit agreement allows borrowers to seek to obtain from third parties up to $200 million of additional loans under credit Source: (http://bit.ly/2c0YHxA) Further company coverage: [SHLD.O] ((bangalore.newsroom@thomsonreuters.com;)).  Full Article

Sears Holdings posts Q2 loss of $3.70/share
Thursday, 25 Aug 2016 06:00am EDT 

Sears Holdings Corp: Sears Holdings reports second quarter 2016 results . Q2 loss per share $3.70 . Q2 adjusted loss per share $2.03 . Q2 revenue $5.7 billion versus $6.2 billion . Q2 same store sales fell 5.2 percent . Qtrly Kmart and sears domestic comparable store sales declined 3.3% and 7.0% . Says Kmart and sears domestic comparable store sales declined 3.3% and 7.0%, respectively, in q2 of 2016 . During q2 of 2016, company generated cash proceeds of $176 million from sale of real estate properties and other asset sales . Received an offer from ESL Investments Inc to provide $300 million of additional debt financing . "Citigroup Global Markets and Liontree Advisors are assisting us in these efforts as we continue our assessment over next few months" . As we move into 2h, continue to explore alternatives for Kenmore, Craftsman , Diehard, Sears home services businesses . Merchandise inventories were $4.7 billion at July 30, 2016, compared to $5.0 billion at august 1, 2015 . Under ESL proposal, co may offer to 3rd party investors right to participate up to additional $200 million of debt financing .Total long-term debt was $3.4 billion and $2.2 billion at July 30, 2016 and January 30, 2016.  Full Article

J C Penney Co on conf call- from inventory standpoint, feel really good going into fall
Friday, 12 Aug 2016 10:15am EDT 

J C Penney Company Inc : CEO on conf call - opened 27 new Sephora locations in Q2, plan to open 4 more later this fall . CEO on conf call - have to pivot to less weather-sensitive categories . Expect sequential comp sales in back half of year to improve from first half . Expect to close on sale of corporate headquarters building later this year . CEO- over 50 percent of our online orders go through our stores . Ceo- had strength in apparel in Q2 . CFO- July usually clearance month for us, but clearance was down this July, "feel really good moving into Q3" . From inventory standpoint, feel really good whether it is apparel or non-apparel, going into fall . CEO- in the process of having mobile devices for check out, will be ready in next couple of weeks . CEO- if a Sears closes in a mall where we are, it is a net positive for us . Ceo on conf call - believe we can now open more Sephora locations than we previously anticipated . Ceo on conf call - will be adding Clinique to brands, will launch in a small number of locations . Ceo- customers spending on improving homes more than ever . Ceo- "we will not maintain any store or stategic entity that doesnt provide value to our customers and our strategic future" . Ceo- " I think the state of consumer really hasn't changed from last quarter".  Full Article

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