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Sears Holdings Corp (SHLD.OQ)

SHLD.OQ on NASDAQ Stock Exchange Global Select Market

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25 Apr 2017
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Latest Key Developments (Source: Significant Developments)

Sears Holdings provides update on restructuring program
Friday, 21 Apr 2017 04:56pm EDT 

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.  Full Article

Sears says historical operating results raise doubt over co's going concern ability - SEC filing
Tuesday, 21 Mar 2017 06:04pm EDT 

Sears Holdings Corp : Historical operating results indicate substantial doubt exists related to the company's ability to continue as a going concern- SEC filing . If co continues to experience operating losses, co may not be able to access additional funds under amended domestic credit agreement ."Failure to generate additional liquidity could negatively impact our access to inventory or services" - SEC filing.  Full Article

Sears Holdings reports Q4 revenue of $6.1 billion
Thursday, 9 Mar 2017 06:30am EST 

Sears Holdings Corp : Sears Holdings reports fourth quarter and full year 2016 results . Q4 revenue $6.1 billion versus $7.3 billion . Q4 adjusted loss per share $1.28 . Q4 loss per share $5.67 . Sears Holdings Corp - 10.3% decline in comparable store sales for quarter . Sears Holdings Corp - At Kmart, comparable store sales decreased 8.0% during Q4 . Sears Holdings Corp - Sears Domestic comparable store sales decreased 12.3% during quarter . Sears Holdings - Merchandise inventories at Jan 28, 2017 were $4.0 billion, versus $5.2 billion at Jan 30, 2016 .Q4 earnings per share view $-2.85, revenue view $5.89 billion -- Thomson Reuters I/B/E/S.  Full Article

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

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