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.
The fight starts now? UK's Corbyn criticized after Brexit battle cry
Following the June vote, there was speculation that pro-European lawmakers might try to delay or even stop the Brexit process. Meanwhile Christina Rees has moved on to shadow Secretary of State for Wales, replacing Cardiff Central MP Jo Stevens.
Djokovic survives Davis Cup scare, champions Argentina slump
Darcis won 6-4 3-6 2-6 7-6 (7-2) 7-6 (7-5) after Kohlschreiber looked set to clinch the match in the fourth set when he led 4-2. The latter led 4-1 in the final set and even had three match points in the 10th game before losing 3-6 6-3 6-4 4-6 7-6 (8-6).
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.
"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 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 09 2017
Was never allowed to meet Jayalalithaa when she was hospitalised, claims Panneerselvam
He (OPS) is a traitor, somebody has asked him to speak like this, ' she said of OPS before whisking her MLAs away. Meanwhile, AIADMK general secretary Sasikala had given befitting counter to OPS on Wednesday.
Feb 08 2017
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.
Feb 08 2017
Freezing rain may impact Tuesday morning commute
Sustained wind speeds of 13 to 15 miles per hour are forecast for the Tri-Cities, with gusts up to 23 miles per hour . Before this changeover happens, a widespread accumulation of 3 to 6 inches of snow is expected.
Feb 07 2017
Profits fall at Ryanair as European fares tumble
But he points out that, while fares have fallen over the winter, the airline's load factor rose to 95% over the quarter. Ryanair's average fares dropped 17 per cent in the reporting period, offset by a 16-per cent rise in passenger traffic.
Feb 06 2017
Tom Brady's effect on Patriots also a formidable challenge for Falcons
Meanwhile, Oakland Raiders All-Pro defensive end Khalil Mack was named the NFL Defensive Player of the Year. But Brady led the charge in the final minute to set up a 48-yard field goal for the win.
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 04 2017
Oil Rises after First Month of OPEC Cuts
Both Brent crude and WTI prices fell on Thursday after official data showed that USA stockpiles rose by 6.5 million barrels. Russian Federation cut production in January by around 100,000 barrels per day ( bpd ), according to data seen by Reuters .
Feb 04 2017
What Could Hudson's Bay see in Macy's — Business Report
Shares of Macy's rose as much as 12 percent Friday, its biggest intraday gain since August 11, according to Bloomberg. Last month, Macy's announced plans to cut more than 10,000 jobs and close stores, including one at the Everett Mall.
Feb 11 2017IEA OMR: The First Cut is the Deepest
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Feb 07 2017Top Senate GOPer distances from Trump, calls Putin 'thug'
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Feb 10 2017Arizona mother deported to Mexico in immigration action
Feb 10 2017State May Have Missed Out on Solar Jobs
Feb 09 2017Winter Weather Watch Issued for Many Ahead of Big Storm on Thursday
Feb 07 2017Random fan scores date with Eugenie Bouchard
Feb 07 2017Australian woman dies in jet-skiing accident in Phuket
Feb 07 2017Afghan civilian casualties hit all-time high, says UN
Feb 06 2017Akhilesh owes his victory in family feud to Mulayam's political training
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Feb 04 2017Massachusetts Becomes the Second State to Sue Trump over Muslim Ban