Key Developments: Sears Holdings Corp (SHLD.O)
46.45USD
19 Jun 2013
$-0.61 (-1.30%)
$47.06
$47.06
$47.63
$46.14
499,354
783,932
$68.77
$38.40
Latest Key Developments (Source: Significant Developments)
Sears Holdings Corp Announces Chief Executive Officer Transition
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
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.
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
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
Sears Holdings Corp Announces Plan To Pursue Partial Spin-Off Interest In Sears Canada Inc.
Sears Holdings Corp announced that Board of Directors has approved plans to pursue a partial spin-off of interest in Sears Canada Inc. Holdings, which currently owns approximately 95% of the issued and outstanding common shares of Sears Canada, expects to distribute common shares of Sears Canada held by Holdings on a pro rata basis to holders of Holdings' common stock such that following the spin-off, Holdings will retain approximately 51% of the issued and outstanding common shares of Sears Canada. Subsequent to the spin-off, Holdings may sell, hold or distribute to holders of Holdings' common stock any portion of its remaining interest in Sears Canada. Following the spin-off, Sears Canada will continue to be listed on the Toronto Stock Exchange. Holdings expects to continue to include Sears Canada as a consolidated subsidiary in Holdings' Consolidated Financial Statements following the spin-off. Holdings has the right not to complete the spin-off if, at any time. Full Article
Sears Holdings Corp Issues Q1 2012 Earnings Guidance
Sears Holdings Corp announced that for the first quarter of 2012, it expects net income from continuing operations attributable to the shareholders of between $155 million and $195 million (between $1.46 and $1.84 per diluted share from continuing operations), the above range includes approximately $400 million ($235 after tax and minority interest) of gains from the sale of certain U.S. and Canadian stores which generated $440 million of proceeds, and adjusted EBITDA of $135 million to $195 million. Full Article
Sears Holdings Corp Announces New Venture With Addition Of MetaScale
Sears Holdings Corp announced the addition of a wholly owned subsidiary called MetaScale, a provider of technology managed services and data solutions. MetaScale specializes in solutions for traditional brick-and-mortar enterprises across all industry verticals looking to efficiently establish and grow their big data expertise, experience immediate tactical success and begin to build out their fundamental big data capability in an organized and precise fashion. MetaScale provides managed services related to the widely adopted Apache Hadoop data management framework, enabling enterprises to drive new business value from their data with end-to-end solutions through a secure, private cloud environment. Full Article
Sears Holdings Corp Announces Completion of $270 Million Sale of Eleven Sears Stores to General Growth Properties
Sears Holdings Corp announced the completion of the sale of eleven Sears full line store locations to General Growth Properties for $270 million. Sears has received the sale proceeds and the stores will continue to operate as Sears locations into 2013 or 2014 with final closing dates to be determined and announced later this year. Full Article
Sears Holdings Corp To Separate Sears Hometown And Outlets Businesses And Certain Hardware Stores
Sears Holdings Corp announced that it intends to separate Sears Hometown and Outlet Businesses and certain hardware stores through a proposed rights offering that is expected to raise approximately $400 million to $500 million. Proceeds from the share subscription will provide additional liquidity to Sears Holdings and are expected to be used for general corporate purposes. The separation will also enable Sears Holdings to focus on its core business. Full Article
Sears Holdings Corp Reaches USD270 Million Deal For Sale Of Eleven Sears Stores To General Growth Properties
Sears Holdings Corp announced a definitive agreement for the sale of eleven Sears full line store locations to General Growth Properties for a purchase price of $270 million. The transaction is expected to close in the next 45 to 60 days, subject to customary closing conditions. The stores will continue to operate as Sears locations into 2013 with final closing dates to be determined and announced later this year. Full Article
Orchard Supply files for bankruptcy, Lowe's steps in
- Orchard Supply Hardware Stores Corp , spun off by Sears Holdings Corp less than two years ago, has filed for Chapter 11 bankruptcy protection partly blaming hefty dividends paid out to its former parent.
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