Feb 11 2017
In addition, the retailer announced plans to reduce its outstanding debt and pension obligations of $1.5 billion for fiscal 2017.
With its stock hovering near an all-time low and credit default swaps pricing in the potential for a bankruptcy filing this year, Sears Holdings (SHLD) CEO Eddie Lampert made a decision to take action. Under the latest plan, the company said it would consolidate Sears and Kmart's corporate and support functions and improve product assortment at its stores.Some measures outlined on Friday, such as inventory management, monetizing real estate assets and using data generated from its Shop Your Way membership program to understand customer preferences, have been part of previous cost-cutting exercises.
Sears Holdings Corp (NASDAQ:SHLD) early Friday unexpectedly pre-announced its fourth quarter earnings results, which badly missed expectations, but its plans to restructure and implement massive cost cuts sent its shares soaring in morning trading. Net sales are projected to reach $6.1 billion for the three months ended January 31, a decline of 16.4 percent, due to fewer stores and "the competitive retail environment", the company said. In order to help drive profitability, Sears said it intends to consider potential in-store partnerships, sub-divisions, and reformatting, while also evaluating "strategic options" for its Kenmore and DieHard brands and its Sears Home Services and Sears Auto Centers business through partnerships, joint ventures or "other means".
Net loss, which will include an impairment charge of upwards of $400 million, is expected to range between $535 million and $635 million, compared to a year-ago net loss of $580 million.
Judges sceptical about Trump travel ban
Judge Richard Clifton asked whether it could be discriminatory if it affected only 15% of the world's Muslims. Supreme Court because the losing side likely will request the justices consider the case.
Alastair Cook reveals one regret as England captain
Root has just seven Tests before next winter's Ashes series, which is little time to get used to the role. They chose to back their captain who was younger and more central to their plans going forward.
Man arrested for 2016 strangling death of New York City jogger
Police say officials saw Lewis around his neighborhood on the Brooklyn/Queens line back in May, and thought he was suspicious. Boyce said police do not believe Lewis knew Vetrano and it appeared to be a chance encounter.
"To build on our positive momentum, today we are initiating a fundamental restructuring of our operations that targets at least $1.0 billion in cost savings on annualized basis, as well as improves our operating performance", Sears CEO Eddie Lampert said in a statement.
Sears Holdings revealed that it struck an amended asset-based credit facility.
For the full year, Sears expects revenue to fall 12% to $22.1 billion.
Feb 10 2017
Groundwork Mortgage reports mortgage rates are still low
President of Groundwork Mortgage Jeff Berger joins us for different tips on selecting mortgages and to break down mortgage rates. The 5/1 Adjustable Rate Mortgage interest rates at PHH Mortgage can be had for 3.875% with an April of 4.059%.
Feb 10 2017
Militants kill 6 Red Cross workers in Afghanistan
On Wednesday, six members of the ICRC were shot dead by group of armed men described by the local police as pro-Daesh rebels. The motive behind the attack remains unknown, and no group has taken responsibility for it so far.
Feb 09 2017
Area Students Blame Falcons-Related Illnesses for Tardiness
These moves mean the Falcons will follow their Super Bowl appearance with significant staff changes on both sides of the ball. Per multiple reports , quarterbacks coach Matt LaFleur will also leave the team to become offensive coordinator with the Rams.
Feb 09 2017
Microsoft To Defend Cloud-Computing Customers from Patent Trolls
And as Petri pointed out, it's likely just a matter of time before hackers "jailbreak" Windows 10 Cloud to run the full version. Of course, given the bug bash, the next build will include tons of fixes and performance improvements.
Feb 07 2017
Random fan scores date with Eugenie Bouchard
Fast-forward a couple of hours later and the Patriots pulled of the miracle to beat the Falcons 34-28 in overtime. Although he doesn't appear in her Instagram photos, one image revealed the unique tattoos on his left arm.
Feb 07 2017
Xiaomi set to launch Redmi Note 4X on Valentine's Day
Xiaomi Redmi Note 4X is set for an official release on Valentine's Day, latest reports coming from China can confirm. After launching the Redmi Note 4 previous year , Xiaomi is all set to take the wraps off the follow up smartphone.
Feb 06 2017
Akhilesh owes his victory in family feud to Mulayam's political training
BJP's Uttar Pradesh chief Keshav Prasad Maurya on Sunday attacked Samajwadi Party alleging it to be anti-development. Akhilesh said he was once apprehensive that he would lose the "cycle" (SP's election symbol).
Feb 06 2017
Dozens Killed in Afghanistan and Pakistan Avalanches
Mohammad Aseem, governor of the hard-hit northern province of Parwan, said 16 people had died in two districts. There are fears the number of deaths will continue to rise as heavy snowfall is predicted for the coming days.
Feb 05 2017
Education secretary nominee seems to know little about education
The turn of events infuriated proponents of the original bipartisan legislation and left Hansen on the verge of tears. Her words do not provide me with any relief over her appointment; indeed, they do not sculpt much of anything at all.
Feb 05 2017
UK January PMI Services PMI Index Slows To 54.5, Inflation Pressures Continue
It therefore covers about half the economy, whereas official data on services published with more of a lag covers nearly 80%. The PMI report polls private sector companies but does not cover retailers or government services.
Feb 11 2017IEA OMR: The First Cut is the Deepest
Feb 11 2017Fed governor Daniel Tarullo, who oversaw bank supervision, to resign
Feb 09 2017Winter Weather Watch Issued for Many Ahead of Big Storm on Thursday
Feb 09 2017Region's growth slowed, but still outpaced national rate, census shows
Feb 09 2017Scottish MPs Reject Brexit
Feb 07 2017Top Senate GOPer distances from Trump, calls Putin 'thug'
Feb 07 2017Djokovic survives Davis Cup scare, champions Argentina slump
Feb 06 2017Tom Brady's effect on Patriots also a formidable challenge for Falcons
Feb 05 2017Best pictures from protest against Trump's Muslim ban in London
Feb 04 2017What Could Hudson's Bay see in Macy's — Business Report
Feb 11 2017Why Cliffs Natural Resources, Pilgrim's Pride, and World Wrestling Entertainment Jumped Today
Feb 10 2017Arizona mother deported to Mexico in immigration action
Feb 10 2017The fight starts now? UK's Corbyn criticized after Brexit battle cry
Feb 10 2017State May Have Missed Out on Solar Jobs
Feb 09 2017Was never allowed to meet Jayalalithaa when she was hospitalised, claims Panneerselvam
Feb 08 2017Hakan Calhanoglu denies ever talking to Turkish media about a Chelsea move
Feb 08 2017Freezing rain may impact Tuesday morning commute
Feb 07 2017Australian woman dies in jet-skiing accident in Phuket
Feb 05 2017Senate Committee Clears DeVos for Final Confirmation Vote
Feb 05 2017'We woke up in 1989' - Romanian graft decree turns back the clock
Feb 04 2017Oil Rises after First Month of OPEC Cuts
Feb 04 2017Massachusetts Becomes the Second State to Sue Trump over Muslim Ban