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The Economic Rot Of America Goes Deeper: SEARS’ MOUNTING DEBT LOAD SIGNALS NEW FINANCIAL STRESS
SEARS’ MOUNTING DEBT LOAD SIGNALS NEW FINANCIAL STRESS
Sears Holdings on Dec. 29 announced that it had obtained a $200 million secured standby letter of credit facility provided by CEO Edward Lampert’s ESL Investments hedge fund to fund its operations, but that’s beginning to sound like chump change in relation to its financial needs.
Sears is shuttering an additional 150 unprofitable stores, including 108 Kmart and 42 Sears stores, in an effort to curtail losses. The closures would leave Sears with fewer than 1,500 stores, down about 60% from 2011 totals.
In a report mailed to Retail Dive that month, Debtwire analysts noted a potential change in tone from Sears executives that could suggest the once-iconic retailer is beyond the brink: That report highlighted Sears earnings reports in which the company underscores its intent not to borrow money to fund continued operating losses, but rather to “provide flexibility.”
“In reading the tea leaves, we compare this comment made in 2Q: ‘…as it relates to funding our transformation, we continue to focus on the funding of our transformation while meeting all of our financial obligations,’ to this one in 3Q: ‘We believe that we have the resources to fund our transformation and meet all of our financial obligations,’” the Debtwire report reads. “The intent behind the two statements may be the same, but we wonder if there is a subtle shift in tone when considered with the new language of not funding losses.”
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