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Companies and Brands

Sears Tries More Restructuring To Trump Bad Earnings (SHLD)

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By Jon C. Ogg Updated Published

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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

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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