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
Top Gaining Stocks
Top Losing Stocks