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(Reuters) - Sears Holdings Corp SHLD.O reported a smaller decline in quarterly same-store sales on Thursday, but warned again that there is doubt about the company’s continued operation as it awaits approval to sell some of its businesses to its chief executive’s hedge fund. “It is imperative that the Company reduce debt, adjust its debt maturity profile and eliminate the associated cash interest obligations,” Chief Executive Edward Lampert said in a blog post on the company’s website.
“We continue to believe that it is in the best interests of all our stakeholders platinum cufflinks engraved to accomplish this as a going concern, rather than alternatives that could result in significant reductions in value.”, Sears is working to transform its business by selling brands like tool line Craftsman and building a stronger online presence, Its market share has been hurt by discount chains including Walmart (WMT.N), and the surge in popularity of online shopping has added to its woes, It was the second time in two years that Sears has expressed doubt about its business continuing as its losses mount..
“This year’s statement regarding its ability to remain a going concern is more dire,” Ken Perkins, president of Retail Metrics Inc. “It has liquidated its best assets and the cupboard is bare. These losses are unsustainable.”. Sears declined to comment. Sales at Sears’ established stores, including Kmart discount shops, fell 3.9 percent in its second quarter, compared with a drop of 11.9 percent in the first quarter, a positive sign sending the 125-year-old retailer’s shares up 28 percent in extended trading.
“Sears has closed hundreds of underperforming stores so its same-store sales should be much better than they have been as only their ‘stronger’ performing stores are in the mix,” said Perkins, Sears said 149 stores will close in the second half of this year, The company’s net loss widened to $508 million in the fiscal second quarter ended Aug, 4, from $250 million a year before, To shore up its finances, the company is considering selling its storied Kenmore appliance platinum cufflinks engraved brand and home improvement business to Lampert’s hedge fund, ESL Investments Inc, for as much as $480 million..
Last month, Lampert said he could close on a deal for the businesses with an unnamed partner by late August. Sears’ special committee and a majority of disinterested shareholders must approve the sale to ESL. The company has tried to sell these assets before without success. The company said that some of its efforts to raise cash, including the sale of Kenmore and its home improvement business to Lampert, were at too early a stage to be counted for its quarterly earnings released on Thursday. However, it said if it finalizes its plans to bolster liquidity, and completes discussions with lenders, it will be able to remain in business.
STOCKHOLM (Reuters) - IKEA Group, the owner of most IKEA stores worldwide, said on Friday all its home deliveries in the inner cities of Amsterdam, Los Angeles, New York, Paris and Shanghai would be made by electric vehicles or through other zero-emission means by 2020, platinum cufflinks engraved The world’s biggest furniture retailer said in a statement that that would mean 25 percent of its home deliveries would be zero-emission by 2020, The company has a target for all its last-mile deliveries to be by electric vehicles (EV) or other zero-emission means by 2025..
NEW YORK (Reuters) - Apple led a rebound in technology shares and boosted all three major U.S. stock indexes on Thursday, while trade worries eased after China welcomed new talks with the United States. The Dow inched closer to its all-time high hit on Jan. 26, closing at its highest since Feb. 1 and just 1.8 percent below the Jan. 26 close. The S&P 500 and the Nasdaq had already moved past their January peaks to record highs in prior weeks. The S&P technology index .SPLRCT climbed 1.2 percent on the day, its biggest percentage gain since Aug. 2, boosted by Apple’s (AAPL.O) 2.4 percent gain.
The timing of a new round of trade talks remains unclear and President Donald Trump said the United States was under no pressure to make a deal with China, “Stocks already got a boost yesterday when investors got word the Trump administration had reached out to China on trade talks,” said Burns McKinney, portfolio manager at Allianz Global Investors in Dallas, Also, he said, “the inflation numbers came out lower than people had expected, That’s a positive because it gives the (Federal Reserve) cover to maybe move slower in raising interest rates, which platinum cufflinks engraved is good for equities.”..