KBHB BIG 81
LISTEN LIVE
KBHB Music Vault 5:00pm - 11:59pm
KBHB ON DEMAND
facebook

News Article

Sears Woes

Sears Woes
Sears has "substantial doubt" about its future
The Associated Press - March 22, 2017

NEWARK, N.J. - Sears, once the monolith of American retail, says that there is "substantial doubt" that it will be able to keep its doors open.

Company shares, which hit an all-time low last month, tumbled more than 5 percent before the opening bell Wednesday.

Chairman and CEO Edward Lampert's hedge fund has forwarded millions in funding to keep Sears afloat but with sales fading, it is burning through cash.

According to its most recent regulatory filing late Tuesday, Sears Holdings Corp. lost more than $2 billion last year. Adjusted for one-time charges, its loss was $887 million.

Sears, which employs 140,000 people, has been selling assets like its Craftsman tool brand. But it says its pension agreements may prevent the spin-off of more businesses, potentially leading to a shortfall in funding.



kbhbradio.com
Phone number: 605-347-4455
E-mail: info@kbhbradio.com
Address: 1612 Junction Avenue, Suite #1
Sturgis, SD 57785
  BIG 81 ON FACEBOOK
  WEATHER
  MARKET NEWS