The company has staved off death by borrowing money, but how long can that last? 28 at .18 and rallied on the news of the new line of available borrowing to close the next day at , a 10% gain. The company posted a loss of 8 million in its fiscal third quarter this year, up from a 4 million loss in Q3 2015.
News that Sears Holdings had lined up a new credit facility sent shares of the company dramatically higher Thursday, Dec. The stock gained on the idea that the company behind Sears and Kmart had bought itself a little time even if the money it now has access to will not cover its 2017 debt-servicing needs. In addition, revenue dropped by 1 million in Q3.
Those are bad numbers and there's no reason to expect the company to reverse those fortunes in Q4.
CEO Eddie Lampert, whose hedge fund loaned the company 0 million in August, has pushed the idea that the company can stabilize by closing unprofitable stores and focusing on its Shop Your Way digital platform.
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Liquidation sales for the department store chain will begin Jan. Sears opened at the Town Center in 1983, when the mall first opened, and serves nearly 100,000 customers annually, according to the Sears web page for that location.
It's hard to know exactly how much those brands and services are worth, but Craftsman alone could fetch as much as billion, according to an October Bloomberg article.
At that time, there were reportedly multiple companies interested, with bids expected in November.
The struggling retailer said it has received loan, called a secured letter of credit, for 0 million, with an option to expand the amount to as much as 0 million with the consent of lenders.
Affiliates of ESL Investments Inc., the hedge firm run by Lampert, is providing the funding through Citigroup Inc.