http://www.retaildive.com/news/sears-accelerates-store-closings-opens-200m-line-of-credit/433189/
5 replies (most recent on top)
There never was a turnaround plan. It was a real estate/asset sales play all along. I believe the old term would be "corporate raider". Plans were waylaid by the real estate crash but still continue. Eddie will loan whatever cash he can get his hands on until the end so he walks away with the first-lien real estate.
loss could hit a billion dollars this quarter
At the rate in which SHLD is burning through cash. $200M will not cover a quarter. Look how fast they pissed away the $2B they got in the Seritage spin-off.
did some verry verry conservative calculations - expectation is a 4Q loss of 554 million and loss for the year of 2.1 Billion - ( with a B ) - nobody can sustain ops with numbers like that
Finally, Sears' turnaround strategy is “severely lacking,” Saunders said. "Quite simply they are badly run, badly managed and they are places that shoppers are abandoning in ever greater numbers. In our view, it is now too late to turn this around. The rot has well and truly set in and it is just not financially feasible to reverse it.”
Nailed it.