Companies and Brands
Sears Tries More Restructuring To Trump Bad Earnings (SHLD)
Published:
Last Updated:
Sears Holdings Corporation (NASDAQ: SHLD) has reported earnings, but it is the restructuring efforts which are likely to get the most attention today. The basics were adjusted earnings of $0.54 EPS on $12.5 billion in sales. Thomson Reuters had estimates of $0.78 EPS and $12.44 billion in sales. Kmart same-store sales were down 2.7% and the Sears ‘namesake’ brand stores saw a drop of 4.1% in same-store sales.
The company is trying to unlock value and sees raising $400 to $500 million from the spin-off of about 1,250 stores. Of the spin-offs, these are said to include Outlet, Hometown, Hardware-Store businesses in a rights offering and the company expects to realize raising an additional $1 billion through all of the moves. And, yes there are layoffs expected.
Sears said that its total liquidity at the end of the quarter was more than $3.2 billion and that it has an additional $760 million available in a second-lien capacity and had access to an additional $1 billion through a credit facility at the end of 2011.
JON C. OGG
Are You Still Paying With a Debit Card?
The average American spends $17,274 on debit cards a year, and it’s a HUGE mistake. First, debit cards don’t have the same fraud protections as credit cards. Once your money is gone, it’s gone. But more importantly you can actually get something back from this spending every time you swipe.
Issuers are handing out wild bonuses right now. With some you can earn up to 5% back on every purchase. That’s like getting a 5% discount on everything you buy!
Our top pick is kind of hard to imagine. Not only does it pay up to 5% back, it also includes a $200 cash back reward in the first six months, a 0% intro APR, and…. $0 annual fee. It’s quite literally free money for any one that uses a card regularly. Click here to learn more!
Flywheel Publishing has partnered with CardRatings to provide coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.