Sears Denies Reports of Closing Stores
Sears Holdings Corp. discredited Thursday’s report that said it will be closing more than 100 stores and auto centers, and cut nearly 5,500 jobs in the U.S. Seeking Alpha, a financial news and market tracker, cited liquidation notices and employee communication sent out last month that announced the closures of 31 Sears Auto Centers, 46
Report: Sears Closing 100 U.S. Stores and Auto Centers
Reuters reported yesterday that Sears Holdings Corp. will close more than 100 stores and auto centers, and cut nearly 5,500 jobs in the U.S. in its latest moves to remain viable. Citing Seeking Alpha reports of liquidation notices and employee communication, Reuters said that most of the closures and job cuts are slated to come
Sears to Spinoff Canada Stake
Sears Holdings Corp. said it would raise up to $380 million by selling most of its stake in Sears Canada Inc. through a rights issue, generating much-needed cash ahead of the crucial holiday shopping season, according to a Reuters report. Sears Holdings will use the funds to support the turnaround of its business and for its
Post Report Says Sears Canada Going to Equity Group
A report in the New York Post said that Sears Canada Inc. may be sold to a private equity company. The report suggested that the 176-store chain would bring some $2 billion to struggling parent Sears Holding Corp. Both the equity firm Sycamore Partners and Sears Holdings would not comment to Reuters on the story.
More Troubles For Sears
Sears Holdings announced that it would close at least 80 stores this year. The decision was made on Thursday when the company reported dismal earnings: Sears Holding posted a significant loss of $402 million for the fiscal first quarter. The company’s revenue fell 6.8%. In comparison, the company’s 2013 Q1 earnings reports showed a loss
Sears Considers Selling Canadian Ops
Sears is considering selling its Canadian operations as the retailer continues with efforts to turn around its business. The retailer, which runs its stores and Kmart locations, said that it is looking at strategic options for its 51% interest in Sears Canada. The Hoffman Estates said this includes the possible sale of its stake or
Sears Auto Centers Offer Free Car Care Clinics For National Car Care Month
Regular vehicle inspection and repair will not only add years of life to a vehicle and maintain its safety, but can prevent the need for more costly and extensive repairs down the road. According to a recent study conducted by the Car Care Council, approximately 79% of vehicles on U.S. roads are in need of
California Jury Finds Sears Negligent, Awards No Damages in Bad Tire Case
A jury ruled that Sears, Roebuck & Co. was negligent in not warning a Fresno, Calif., man about a bad tire, but the retail operation did not cause “substantial harm” resulting in a horrific freeway crash four years ago. On June 11, 2010, Brandon Horn’s left rear tire on his 2002 Volkswagen Jetta lost its
Sears Canada Cuts Hundreds of Jobs
Sears Canada Inc. reported Wednesday it would simplify the labor structure at its stores, resulting in the reduction of another 624 jobs at the retailer. The company said it plans to eliminate a "mid-tier level" of employees within its full-line stores, leading to an average loss of five employees per location. Some related regional and