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We are still fighting like hell



During the meeting, he discussed numerous steps taken in the past year to unlock the revenue potential of Sears' assets, including the sale of more than $ 500 million worth of property. The company continues to add partners such as Uber and GasBuddy to its Shop Your Way membership platform and just last week announced a "Lease It" option for those consumers who do not qualify for traditional financing.

Sears management team said it will "continue to take measures to properly size the company, increase liquidity, and leverage the value of its brands."

Leena Munjal, Sears' Chief Digital Officer, also announced that the company will launch a new tire installation service on Amazon on Wednesday. Stock market chain stocks rose more than 20 percent in early trading news. Sears already sells Kenmore and DieHard products on Amazon.com.

Commenting on last year's shareholder meeting, Lampert said Sears had "fiercely fought" to do business with sellers in a barrage of negative media reports. Due to new rules of the Securities and Exchange Commission, the company had a "substantial doubt" about its "ability to continue" at the time it became known.

On Wednesday Lampert repeated this idea, saying that Sears still "fights like hell" to change his business. "This fight continues," he said.

Sears' total revenue decreased nearly 28 percent to $ 4.38 billion in the last quarter as the company had fewer locations in the United States. As of February 3, 201

8, there were 1,002 stores, compared to 2,429 stores four years earlier. ) Same-store sales have now fallen by more than 15 percent.

With the warning "going concern" on the table, many industry experts are wondering when, if anything, Sears Holdings will file for bankruptcy. The finances have been declining for years. Kmart and Sears' Lampert merger in 2005 was seen by many as a turnaround maneuver, but it was ultimately too late to seriously threaten rivals like Home Depot and Best Buy.

Nevertheless, Lampert said he was determined to return the company to profitability. At the shareholders' meeting on Wednesday he also had a much gentler tone towards the media.

"I want to treat the media with respect," he told an audience of about 70 people, including Sears employees, investors and journalists. "I want to tell my story and answer the questions that explain what the problems are … What journalists do is really important in society."

The CEO's latest bid to flush money comes in the form of a proposal from his hedge fund ESL Investments to buy some of Sears' remaining brands, including Kenmore and part of Sears Home Services.

"What I do not want is that the value of these assets continues to decrease," Lampert addressed a shareholder's question on the proposal. "It [would] brings Sears a lot of capital, and we needed it."

The department store chain also continues to close underperformance deals. Many of the recent closures are in the form of Seritage, a real estate investment company spun off Sears in 2015, which has the right to terminate Sears' leases and take back these boxes.

"We arranged this so that Seritage had the right to redevelop these properties," said Lampert about founding a REIT. "What can arise [those stores] has a lot of potential … like living … but it requires a lot of capital that we did not have."

Two years ago, Lampert used the Sears shareholders' meeting to discuss the rollout of smaller stores that mainly house mattresses and home appliances. Today, the retailer operates a handful of these niche businesses.

According to the company, Sears has debts of about one billion US dollars within one year. The Company had cash and cash equivalents of $ 182 million at the end of the fourth quarter, compared to $ 286 million a year earlier.

The Sears Holdings share has fallen more than 70 percent year-on-year since the close on Tuesday.


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