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Analysts speculate the end is near for Sears
A $400 million lifeline from its CEO and growing losses have analysts questioning if Sears might be the next big brick-and-mortar retailer to fall.
Hoffman Estates, Ill.--A $400 million lifeline from its CEO and growing losses have analysts questioning if Sears might be the next big brick-and-mortar retailer to fall.
Last week, Sears Holdings Corp., which operates both Sears and Kmart stores, filed an 8-K with the U.S. Securities and Exchange Commission stating that the retailer entered into a $400 million short-term loan with JPP II and JPP LLC, two entities affiliated with ESL Investments Inc., an investment company owned by Sears Chairman and CEO Edward Lampert. The loan is secured by a first-priority lien on 25 pieces of real estate owned by Sears, meaning that Lampert is now a secured lender of Sears.
The $400 million loan is set to mature on Dec. 31 but, as long as there is no evidence of default, can be extended to Feb. 28, 2015, the filing states. Sears will use the loan for general corporate purposes.
Following the filing, a number of retail analysts began calling for the long-struggling retailer to liquidate.
The loss of Sears and Kmart stores would mark another transformation in the brick-and-mortar retail landscape, which, just this year, has seen Sterling Jewelers (Kay Jewelers and Jared the Galleria of Jewelry) and Zale Corp. become one, Hearts on Fire acquired by Chinese mega-retailer Chow Tai Fook, and the continuation of brick-and-mortar chains closing. This year’s closures include Dots and off-price retailer Loehmann’s, which came back but online only.
One Credit Suisse analyst said the loan was a short-term solution to the Sears’ much larger liquidity problems, and stated that recent events at Sears have him singing The End, a reference to the song by The Doors, CNBC reported.
The announcement of Lampert’s short-term loan to his own company comes on the heels of a rough second quarter for the retailer. Same-store sales fell 2 percent for Kmart and essentially were flat for full-line Sears stores.
Total sales fell from $8.9 billion to $8 billion while losses nearly tripled, from $194 million to $573 million.
While it might not be the sexiest place to buy jewelry, Sears and Kmart certainly sell it. Sears Holdings Corp. consistently ranked among the top 10 in the State of the Majors report’s list of $100 Million Supersellers when National Jeweler published it.
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