Key Developments: Sears Holdings Corp (SHLD.O)

SHLD.O on Nasdaq

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25 Jul 2014
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Latest Key Developments (Source: Significant Developments)

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

Sears Holdings Corp Issues Q4, FY 2013 Earnings Guidance-Conference Call
Monday, 7 Jan 2013 08:12am EST 

Sears Holdings Corp announced that for the fourth quarter of 2013, it expects net loss to be between $280 million and $360 million, or between $2.64 and $3.40 loss per diluted share. This includes an estimated non-cash charge of approximately $450 million related to pension settlements from voluntary offer to term-vested employees and $42 million of pension expense. Adjusted for these items, net income is expected to be between $132 million and $212 million, or between $1.25 and $2.00 per diluted share. The range excludes the potential impact, if any, related to store closings and impairment charges and restructuring activities including severance. For fiscal 2013, it expects net loss attributable to Holdings' shareholders will be between $721 million and $801 million, or between $6.80 and $7.56 loss per diluted share, which includes the estimated fourth quarter non-cash charge of approximately $492 million related to pension settlements and expense and excludes the potential fourth quarter impact, if any, related to store closings and impairment charges and restructuring activities including severance. Adjusted for these items, net loss is expected to be between $123 million and $203 million, or between $1.16 and $1.92 loss per diluted share.  Full Article

Sears Holdings Corp Completes Partial Spin-Off Of Interest In Sears Canada Inc.
Wednesday, 14 Nov 2012 06:00am EST 

Sears Holdings Corp announced that it has completed previously announced spin-off of a portion of interest in Sears Canada Inc. Sears Holdings distributed approximately 44.5% of the total issued and outstanding common shares of Sears Canada on a pro rata basis to holders of Sears Holdings common stock. Following the partial spin-off, Sears Holdings has an approximately 51% ownership interest in Sears Canada. The partial spin-off was effective at 11:59 p.m. EST on November 13, 2012. At that time Sears Holdings' stockholders received 0.4283 Sears Canada common shares for every share of Sears Holdings common stock held as of the close of business on November 1, 2012, the record date for the spin-off. The distribution is taxable to Sears Holdings' stockholders for Canadian and U.S. federal income tax purposes. Sears Holdings will continue to be listed on the NASDAQ Global Select Market under the symbol SHLD, and Sears Canada will continue to be listed on the Toronto Stock Exchange under the symbol SCC.  Full Article

Sears Holdings Corp To Spin Off Sears Hometown And Outlet Stores Inc In September First Week-Dallas Business Journal Online
Tuesday, 28 Aug 2012 08:00pm EDT 

Dallas Business Journal Online reported that Sears Holdings Corp. said it will spin off its Hometown and Outlet stores in September first week with an initial stock price of $15 per share. Sears Hometown and Outlet Stores Inc will be traded on the Nasdaq exchange under the ticker symbol SHOS. The company said it hopes to raise about $446.5 million in the offering. It will begin trading on September 7, 2012.  Full Article

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