Content about Sears Holdings Corp.

July 1, 2014

Displaydata announced Tuesday it was named a 2014 Partner in Transformation for Sears Holdings Corp.

London -- Displaydata announced Tuesday it was named a 2014 Partner in Transformation for Sears Holdings Corp. The company received the award for delivering Sears' innovative digital display technology that supports its Shop Your Way program in stores.

Displaydata's responsiveness, hands-on delivery and commitment to supporting Sears' deployment in hundreds of stores to date has built a strong collaboration and partnership between both organizations. The award was recently presented at Sears Holdings' 2014 Vendor Summit.

May 22, 2014

Sears Holdings Corp. on Thursday said it plans to close at least 80 stores this year as the retailer continues to deal with mounting losses.

Hoffman Estates, Ill. – Sears Holdings Corp. on Thursday said it plans to close at least 80 stores this year as the retailer continues to deal with mounting losses. The retailer reported that its fiscal first quarter net loss grew to $402 million, from $279 million in the prior year first quarter.

May 14, 2014

Sears Holdings Corp. on Wednesday confirmed it is exploring strategic options for its 51% interest in Sears Canada Inc., including a sale

Hoffman Estates, Ill. – Sears Holdings Corp. on Wednesday confirmed it is exploring strategic options for its 51% interest in Sears Canada Inc., including a sale. To assist in its efforts, the retailer said it will hire to an investment banking firm.

Sears Canada's board of directors and management intend to cooperate fully with Sears Holdings in this process. Net loss attributable to Sears Holdings’ shareholders was $358 million and $1.4 billion, respectively, for the fourth quarter and full year of 2013.

May 8, 2014

In an address at Sears Holding Corp.’s annual shareholders meeting, chairman and CEO Edward Lampert said the company would close stores and look for ways to leverage its real estate as it continues to focus on integrated omnichannel retail and its Shop Your Way rewards program.

New York -- There are more store closings in Sears’ future. In an address at Sears Holding Corp.’s annual shareholders meeting, chairman and CEO Edward Lampert said the company would close stores and look for ways to leverage its real estate as it continues to focus on integrated omnichannel retail and its Shop Your Way rewards program.

"Closing stores is going to be part of our future," Lampert said. "I'd rather do (fewer closures) rather than more, but the world has shifted."

April 7, 2014

Sears Holdings Corporation completed its spin-off of Lands' End Inc. on April 4.

Hoffman Estates, Ill. -- Sears Holdings Corporation completed its spin-off of Lands' End Inc. on April 4. The specialty apparel company has now been separated from Sears Holdings and its common stock is expected to begin regular-way trading on the Nasdaq Capital Market under the symbol "LE" on April 7.

March 17, 2014

Sears Holdings Corp. said its board has approved the spin on of its Lands’ End business, effective April 4, according to a filing with the U.S. Securities and Exchange Commission.

New York -- Sears Holdings Corp. said its board has approved the spin on of its Lands’ End business, effective April 4, according to a filing with the U.S. Securities and Exchange Commission.
 
The agreement, which was announced in December, will make Lands' End an independent company that will trade on the Nasdaq under the symbol “LE.”

Sears stockholders on record as of March 24 will receive about 0.3 shares of Lands' End common stock for each share of Sears they own.

February 27, 2014

Sears Holdings Corp. narrowed its loss for the fourth quarter as it lowered expenses and reduced inventory.

Hoffman Estates, Ill. - Sears Holdings Corp. narrowed its loss for the fourth quarter as it lowered expenses and reduced inventory.

Sears said Thursday that it lost $358 million for the period ended Feb. 1, compared with a loss of $489 million a year ago.

Sales plunged 14% to $10.6 billion, from $12.3 billion. Sears’ revenue performance was hurt partly by having one less week in the latest quarter and having fewer Sears and Kmart stores, the company said.

January 22, 2014

Sears Holdings Corporation anticipates hiring 6,500 veterans and military spouses in 2014.

Hoffman Estates, Ill. - Sears Holdings Corporation anticipates hiring 6,500 veterans and military spouses in 2014. The hiring goal builds on the more than 6,000 veterans and spouses hired in 2013, and nearly doubles the 3,500 hired in 2012.

The company currently employs more than 30,000 veteran associates, many of whom are still serving in the National Guard and the Reserve forces.

January 21, 2014

Perhaps no single brand had a holiday season quite as rocky as Sears. When the retailer announced a string of bad news on Jan. 9, shares of Sears Holding Corp. (which includes both Sears and Kmart) went through the floor.

Perhaps no single brand had a holiday season quite as rocky as Sears. When the retailer announced a string of bad news on Jan. 9, shares of Sears Holding Corp. (which includes both Sears and Kmart) went through the floor. Holiday sales at Sears stores were down 9.2% in the nine weeks prior to Jan. 6, a brutal figure when you consider that overall retail sales were up slightly over the holidays (which I’ll discuss more in my next column).

January 10, 2014

Sears Holdings Corp. forecast a fourth-quarter loss and reported declining sales during the crucial holiday period.

Hoffman Estates, Ill. – Sears Holdings Corp. forecast a fourth-quarter loss and reported declining sales during the crucial holiday period.

December 6, 2013

In a not-so-unexpected move, Sears Holdings Corp. on Friday said it had filed to spin off its Lands' End unit.

Hoffman Estates, Ill. — In a not-so-unexpected move, Sears Holdings Corp. on Friday said it had filed to spin off its Lands' End unit.

Sears has been selling or spinning off assets during the past few years as it struggles to turn around its business. The company sold its Orchard Supply Hardware Stores and its Sears Hometown and Outlet Stores businesses last year. In October, Sears said it would consider strategic alternatives for its line of auto centers. Sears also is selling some store leases in Canada.

December 4, 2013

Eddie Lambert’s ESL Partners has reduced the size of its stake in Sears Holdings Corp. disclosing in a regulatory filing on that it now owns 48.4% of its shares, down from 55.4%.

New York -- Eddie Lambert’s ESL Partners has reduced the size of its stake in Sears Holdings Corp. disclosing in a regulatory filing on that it now owns 48.4% of its shares, down from 55.4%.

In a statement, Lampert said that his fund had distributed 7.4 million shares in Sears to investors who wanted to withdraw money from his firm.  He said that he had not sold any of his personal holdings.

November 12, 2013

Descartes Systems Group announced that Sears Holdings Corp. has selected Descartes' home delivery solution to enhance its ability to serve customers and improve the efficiency of its home delivery operations.

Waterloo, Ontario -- Descartes Systems Group announced that Sears Holdings Corp. has selected Descartes' home delivery solution to enhance its ability to serve customers and improve the efficiency of its home delivery operations.

November 8, 2013

Sears Holding Corporation is launching a number of enhancements to the in-store, online and mobile customer experience offered at its Sears and Kmart banners for the holidays.

Hoffman Estates, Ill. – Sears Holding Corporation is launching a number of enhancements to the in-store, online and mobile customer experience offered at its Sears and Kmart banners for the holidays.

Employees and Shop Your Way loyalty members are loading photos, announcing secret sales and sharing their favorite products from local Kmart and Sears stores on the local store pages of ShopYourWay.com. Store pages also allow customers to download e-coupons and obtain local deals.

October 29, 2013

As part of a wide-ranging strategic review of its business, Sears Holdings Corp. is considering spinning off its Lands’ End and Sears Auto Center brands.

Hoffman Estates, Ill. – As part of a wide-ranging strategic review of its business, Sears Holdings Corp. is considering spinning off its Lands’ End and Sears Auto Center brands. The company’s Sears Canada subsidiary has also sold five Canadian store leases to Cadillac Fairview Corporation Limited for about $383.4 million.

October 3, 2013

Sears Holdings Corp. has borrowed $1 billion under a new a senior secured term loan facility under an existing credit agreement from April 2011.

Hoffman Estates, Ill. - Sears Holdings Corp. has borrowed $1 billion under a new a senior secured term loan facility under an existing credit agreement from April 2011. The existing credit agreement continues to provide for a $3.275 billion asset-based revolving credit facility.

Last month, Sears said it would obtain the loan to help reduce how much money it borrowed under the existing credit facility. The new loan is due June 2018.

 

September 16, 2013

Sears Holdings Corp. on Monday said it plans to obtain a senior secured term loan facility of up to $1 billion to help lower borrowings under its revolving credit facility.

Hoffman Estates, Ill. -- Sears Holdings Corp. on Monday said it plans to obtain a senior secured term loan facility of up to $1 billion to help lower borrowings under its revolving credit facility.

The company said that the term loan would be issued under its existing credit agreement, which provides for a $3.28 billion revolving credit facility.

The term loan is expected to mature in June 2018.

 

September 3, 2013

Sears Hometown and Outlet Stores Inc.’s second-quarter net income dropped to $9.1 million, down from $21.1 million a year earlier, on expenses associated with its spinoff from Sears Holdings Corp.

Hoffman Estates, Ill. -- Sears Hometown and Outlet Stores Inc.’s second-quarter net income dropped to $9.1 million, down from $21.1 million a year earlier, on expenses associated with its spinoff from Sears Holdings Corp. The company also announced that its board approved a $25 million buyback.

Revenue increased 2% to $656.9 million from $644.5 million. Same-store sales rose 1.4%, with an 8.2% increase for the chain’s outlet segment.

August 26, 2013

Sears Holdings Corp. has been selected to participate in the U.S. Environmental Protection Agency's Energy Star National Building Competition: Battle of the Buildings, which is designed to help improve the energy efficiency of commercial buildings and protect the environment.

Hoffman Estates, Ill. -- Sears Holdings Corp. has been selected to participate in the U.S. Environmental Protection Agency's Energy Star National Building Competition: Battle of the Buildings, which is designed to help improve the energy efficiency of commercial buildings and protect the environment.

July 8, 2013

A "Sears Hometown" store owner in Woodstock, Ontario (Canada), has launched a class action lawsuit on behalf of approximately 260 Sears Hometown dealers across Canada against Sears Canada and its American affiliate, Sears.

Toronto -- A "Sears Hometown" store owner in Woodstock, Ontario (Canada), has launched a class action lawsuit on behalf of approximately 260 Sears Hometown dealers across Canada against Sears Canada and its American affiliate, Sears. Both are subsidiaries of Sears Holding Corp.

The lawsuit alleges that Sears lowered dealers' commissions, reduced advertising for local stores and bypassed the franchises by selling directly to customers who are located within their markets.

June 27, 2013

The numbers tell the story: According to the U.S. Census Bureau, there are more than 52 million Hispanics living in the United States, making people of Hispanic origin the nation's largest ethnic or race minority. The Bureau forecasts that by 2050, this demographic will number 132.8 million — or about 30% of the population. By 2015, one in three newborns will be of Latino descent. And while the overall U.S. population is getting older, the Latino community remains young: More than 60% of the U.S. Hispanic population is under 35, and 75% is under 45. 

May 28, 2013

Sears Holding Corp. reported a bigger-than-expected net loss of $279 million for the first quarter of fiscal 2013, compared to net income of $189 million in the first quarter of fiscal 2012.

Hoffman Estates, Ill. -- Sears Holding Corp. reported a bigger-than-expected net loss of $279 million for the first quarter of fiscal 2013, compared to net income of $189 million in the first quarter of fiscal 2012. The retailer also said that it is considering selling its protection-agreement business in an ongoing effort to raise cash as it struggles to improve its profits.

April 1, 2013

An SEC filing revealed that Sears Holdings Corp. former CEO Louis D’Ambrosio, who stepped down in February citing family health issues, saw his total compensation package shrink nearly 90% from the prior year.

Hoffman Estates, Ill. -- An SEC filing on Thursday revealed that Sears Holdings Corp. former CEO Louis D’Ambrosio, who stepped down in February citing family health issues, saw his total compensation package shrink nearly 90% from the prior year.

According to the proxy statement filed with the Securities and Exchange Commission, Sears said D’Ambrosio's salary rose to $1 million in 2012 from $930,769 in 2011. However, the value of his perks, such as corporate housing and travel, shrank to $278,741 from $852,037 in 2011.
 

March 21, 2013

Eddie Lampert, chairman of Sears Holding Corp., has signed a contract to remain as CEO of the retail company at a salary of $1 per year, the Associated Press reported.

New York -- Eddie Lampert, chairman of Sears Holding Corp., has signed a contract to remain as CEO of the retail company at a salary of $1 per year, the Associated Press reported. Sears announced in January that Lampert would take over as CEO after Louis J. D'Ambrosio stepped down due to family health issues.
    
Lampert’s new contract is effective Feb. 1, according to a regulatory filing yesterday. Lampert also has the opportunity for a bonus of up to $2 million in cash or stock and up to $4.5 million in stock per year.

February 28, 2013

Sears Holding Corp. said its net loss for the quarter ended on Feb. 2 narrowed to $489 million from $2.4 billion a year earlier.

Hoffman Estates, Ill. -- Sears Holding Corp. said its net loss for the quarter ended on Feb. 2 narrowed to $489 million from $2.4 billion a year earlier. Total costs dropped 2.2% to $12.88 billion in the fourth quarter.

Revenue declined 1.8% to $12.26 billion, but beat analysts' average estimate of $11.77 billion.

Sears results came weeks after the company’s chairman and largest shareholder, Edward Lampert, took the reins as CEO in the wake of the departure of Louis D'Ambrosio, who resigned for a family-related health problem.