Not since it's incorporation has Sears Holding Corporation not posted results by now. Clearly one of two things:
1) They are waiting to finalize Kenmore deal with tender offer on the debt at pennies on the dollar
2) Bankruptcy
I think the ladder is more likely as I doubt the former would delay reporting of results this long.
Saw this comment posted on the Yahoo SHLD board. It was just too amusing not to pass along!
"EARNINGS HOSTAGE CRISIS DAY 18
when will the horror end? Set those earnings free!"
Nothing to do with potential Kenmore transaction. People make it seem like all EL has to do is write out a check for $400 million. There would be due diligence by all parties, lenders and their due diligence lined up and SHLD Board meetings and ratification. These deals take time.
If they close the Kenmore deal it will not be reflected in Q2, so they might as well release Q2. The Kenmore deal should have been closed over a month ago for it to be reflected in Q2.
Besides, it has been said many times that PBGC might claw back the proceeds from the Kenmore sale, so it won't do anything for Sears except lighten their debt load +/- 400 million.
It will be good news for the pensioners when the Pbgc takes the proceeds of the kenmore sale and deposits it into the pension. Not sure that would be good for Sears though.
I say they want to close the Kenmore deal so they have some"good" news to report
@V2wELjQ-fwe That's not a good thing is it?
Lawyers have been at HE and Florida for the last three weeks.
SEC regulation is 40 days, they have until September 13th.
Aren't they obligated to post earnings by a certain date after each Q ends? Or is it just customary to do so? I don't know so I am asking.
debt covenants might make it difficult to post earnings. If post earnings they receive a ratings downgrade they could be in breach of their covenants,
It's Eddie. He's going to burn the shorts. Cover your bets boys.