Sears Raises $100 Million in Financing & Cut $200 Million Costs

Published on: 11 Jan, 2018

On Wednesday, Sears Holdings Corp (NASDAQ: SHLD) announced that they have secured $100 million in new financing and will try to cut an additional $200 million in costs this year as the retailer tries to regain footing after a big sales drop during the holiday season. Last week, the company announced plans to shut more than 100 stores after a 16%-17% drop in comparable store sales from the November and December period.

While focusing on cost cuts, Sears has also been trying to increase cash reserves and revive sales. However, the company has not reported annual profit since 2011 thus experiencing a decline in sales for nearly a decade. Back in October, Sears announced a cut in ties with a business partner of more than 100 years, discontinuing the carrier of Whirlpool appliances. These include larger appliances as well as small kitchen appliances of Whirlpool subsidiaries such as KitchenAid, Maytag, and Jenn-Air.

Sears’ expects a fourth quarter adjusted loss of $10 million to $70 million compared to a loss of $61 million last year. Shareholders’ net loss should range from $200 million to $320 million.


  • 3488Views
  • 0Comments

Recommend to Friends

  • facebook
  • Twitter
  • google plus
  • pinterest
  • Digg
  • stumbleupon
  • Reddit
  • linkedin

Ariana Cheong



Sign Up for Weekly Updates

Opt-into our eNewsletter NOW! For the Latest Trending Financial News Topics in Cannabis, Tech, Biotechs, Precious Metals, Energy, Renewable Energy and much more!

Related Posts

21 Jun, 2017 3572
10 Jul, 2017 2818
21 Jul, 2017 2536
12 Sep, 2017 2376


There is no comment on this article