Content about Sears Holdings Corp.

May 14, 2014

 The Sears Holdings empire plans a strategic retreat from Canada.

In a three-sentence announcement released Wednesday morning, Hoffman Estates, Ill.-based Sears Holdings Corp. said it is "exploring strategic alternatives for its 51% interest in Sears Canada, including a potential sale of Sears Holdings' interest or Sears Canada as a whole." 

The company said it plans to hire an investment bank to help with the sale. It didn't say which firm.

May 8, 2014

There are more store closings in Sears’ future. In an address at Sears Holding Corp.’s annual shareholders meeting, chairman and CEO Edward Lampert said the company would close stores and look for ways to leverage its real estate as it continues to focus on integrated omnichannel retail and its Shop Your Way rewards program.

"Closing stores is going to be part of our future," Lampert said. "I'd rather do (fewer closures) rather than more, but the world has shifted."

March 28, 2014

Former Sears executive Stephanie Kaleta has been tapped by Knipex Tools LP to serve as key account sales manager.

Kaleta's new role will involve directing sales and marketing plans for key accounts in the company's retail and industrial channels.

January 7, 2014

Any observer of retail armed with a cell phone camera, generally speaking, can enter a store at any time of the day or night and take pictures that are embarrassing to the store's operator. 

That's what happened to Sears, and in a very big way, thanks to an article "More Pathetic Pictures from a Dying Sears" that appeared in The Street.com.

December 6, 2013

In a not-so-unexpected move, Sears Holdings Corp. on Friday said it had filed to spin off its Lands' End unit.

Sears has been selling or spinning off assets during the past few years as it struggles to turn around its business. The company sold its Orchard Supply Hardware Stores and its Sears Hometown and Outlet Stores businesses last year. In October, Sears said it would consider strategic alternatives for its line of auto centers. Sears also is selling some store leases in Canada.

October 31, 2013

Tara Poseley, the former president of Sears Holdings Corp's Kmart apparel division, has been tapped by Lululemon Athletica Inc as the company's new chief product officer.

In her new role, Poseley will lead the company's merchandising and design team. She will replace former CPO Sheree Waterson, who left in April. Following her departure, the company split the role into two jobs; Jennifer Battersby was recently hired to fill the other position of SVP sourcing.

October 16, 2013

Sears Holdings Corp. announced its plan to host its first-ever Invite a Veteran to Work Day on Nov. 6. The event will take place at its headquarters in Hoffman Estates, Ill., as well as 1,800 other Sears and Kmart locations across the nation.

The event is designed to honor vets, provide them with an educational tour of the company's operations and offer support for transitioning into the civilian workforce. Additionally, attendees will be encouraged to apply for various career opportunities with Sears.

October 11, 2013

A report from Cleveland Research points to significant management turnover at Sears, which has been linked to frustrations over inventory reduction aimed at improving cash flow.

The activity is nothing new for the struggling retailer, whose sales have dropped every year since 2007. Turnover has been a continued theme, with former CEO Louis D'Ambrosio exiting the scene in February and chairman Edward Lampert, who had no experience in retail, taking his place.

October 3, 2013

Both Sears (SHLD) and Sears Hometown (SHOS) were up more than 1% after Sears Holdings Corp. announced $1.0 billion in new term borrowing.

October 2, 2013

Sears Holdings Corporation announced that its wholly owned subsidiaries, Sears Roebuck Acceptance Corp. and Kmart Corporation, have taken out a $1.0 billion loan.

The incremental term loan was enacted under a new senior secured term loan facility under the company's existing credit agreement, titled Second Amended and Restated Credit Agreement dated April 8, 2011. The agreement continues to provide for a $3.275 billion asset-based revolving credit facility.

September 26, 2013

Sears Canada spokesperson Vincent Power has responded to HCN's request for comment over the departure of CEO Calvin McDonald, who sources say left over a disagreement with Sears Holding Corp. as well as disappointment with the struggling retailer's progress.

September 25, 2013

Sears Canada CEO Calvin McDonald has resigned from his position for a new job opportunity. The move comes in the midst of a three-year restructuring initiative to strengthen the retailer's position in the region against new competition from Target and Wal-Mart.

Previous executive VP and COO Douglas C. Campbell, who is also a retired Marine Corps officer, took his place as CEO and president, as well as a member of the company's board of directors, effective Tues., Sept. 24.

January 8, 2013

Hoffman Estates, Ill.-based Sears Holdings Corp. announced Monday that Louis J. D'Ambrosio will step down as CEO for family health matters at the end of the company's fiscal year on Feb. 2. Edward S. Lampert will then assume the role of CEO of Sears Holdings, in addition to his role as chairman of the board of directors. 

December 14, 2012

Hoffman Estates, Ill.-based Sears Holdings Corp. has added Paul G. DePodesta to its board of directors.

DePodesta is currently VP player development and amateur scouting for the New York Mets of Major League Baseball, but he is more famous as the young, forward-thinking, statistics-obsessed Oakland A's executive upon whom the Jonah Hill character was partially based in the recent movie "Moneyball."

November 16, 2012

Hoffman Estates, Ill.-based Sears Holdings Corp posted a third quarter net loss from continuing operations of $498 million, compared to a net loss of $410 million in the same quarter last year. 

Sears Domestic's comparable store sales declined 1.6% in the third quarter ended Oct. 27. Kmart's comparable store sales declined 4.8%, and Sears Canada's comparable store sales declined 5.7%. Revenues decreased $548 million to $8.9 billion for the quarter. 

August 29, 2012

Sears Hometown and Outlet Stores Inc. will begin trading next week on Nasdaq, Sears Holdings Corp. announced Tuesday.

The price of shares is initially set at $15 for Sears Hometown. 

August 13, 2012

A report released Monday by the Associated Press said that Sears Holdings Corp. would be spinning off its Hometown and Outlet stores, along with some hardware stores, into a separate, publicly traded company.

Earlier this year, Sears had revealed it would split the companies but had not indicated the new organization would be a separate public entity.

July 24, 2012

Sears Holdings Corp. said that former interim CEO Bruce Johnson will serve as president and CEO of Sears Hometown and Outlet Stores once the unit is spun off from the retailer.

Johnson served as interim CEO of Sears Holdings from 2008 to early 2011.

Last February, Sears Holdings announced it would spin off its Sears Hometown and Outlet businesses in an effort to raise an expected $400 million to $500 million.

May 17, 2012

Sears Holdings Corp. has announced plans to pursue a partial spinoff of its interest in Sears Canada.

The move will reduce the Hoffman Estates, Ill.-based Sears Holdings’ stake in Sears Canada from 95% to about 51%, the company said. 

May 1, 2012

Sears Holdings Corp. filed documents with the Securities and Exchange Commission (SEC) on April 30 indicating its plans to spin off its Hometown and Outlet stores into a separate company, according to an article in the Chicago Tribune.

March 16, 2012

In a move to ensure that vendors continue to supply Sears its goods, Sears Holdings Corp.'s top shareholder ESL Investments, a hedge fund owned by Edward Lampert, has agreed to assume some payment obligations.

In a filing with the U.S. Securities and Exchange Commission on Wednesday and reported by Reuters, Sears said ESL made a deal on Jan. 26 with a financial institution to acquire 80% interest in an agreement designed to ensure payment to vendors in the event of a bankruptcy filing by a company.

February 23, 2012

Sears Holdings Corp. has reported a loss of $2.4 billion in the fourth quarter, compared with a profit of $374 million in the year-ago period. And in a move long anticipated by some analysts, the chain also announced plans to tap into its massive real estate holdings to help make up for its faltering retail performance.

Revenue slipped 4% to $12.5 billion from $13 billion. Same-store sales fell 4.1% during the quarter at Sears and 2.7% at Kmart.

February 17, 2012

According to an article in the Chicago Sun Times, Sears Holdings Corp. will lay off employees from a variety of departments at its Hoffman Estates, Ill., headquarters.

The layoffs will not affect the retailer's recently approved tax credit from the state of Illinios. The $150 million payroll tax credit take effect next year, and -- according to the article -- requires a minimum of 4,250 headquarters employees.

December 12, 2011

Reuters news service has reported that the shareholders of Sears Holding Corp. will end up with 80% of the common stock in Orchard Supply Hardware stores, following an attempt to spin off the California hardware chain into a separate unit.

September 14, 2011

Sears Holdings Corp. was one of the winners of the 2nd Annual Colloquy Loyalty Awards – an event presented by LoyaltyOne and Visa – that recognizes "transformative, customer-focused Enterprise Loyalty initiatives" around the world.

The international Master of Enterprise Loyalty award went to Sears Holdings.