Sears: $10 BILLION dollars LOST over the last 6 years

May 25, 2017
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Sears just can’t catch a break. According to this Fortune report, Sears posted a 230 million dollar sales skid in Q1. The company has lost almost 10 BILLION over the last six years. It’s only a matter of time before the company announces bankruptcy.

Another quarter, another set of horrible results from Sears Holdings (SHLD, +21.82%).

The troubled retailer, which earlier this year recognized there are doubts about its viability, on Thursday once again reported enormous sales declines as it lost its hold on categories it used to dominate such as household appliances, and suggested more store closing were in the offing.

Sears Holdings, which operates the namesake department store chain and the Kmart discount stores, said comparable sales fell 12.4% at Sears, and 11.2% at Kmart. While Sears CEO Eddie Lampert recently invoked declining sales at many of the company’s rivals, Sears’ declines are far deeper than those of Macy’s (M, +1.64%) and J.C. Penney (JCP, +2.26%).

On the bright side, Sears managed to report its first quarterly profit in almost two years, helped by lower expenses that are part of its $1.25 billion cost-cutting plan. Still, stripping out the impact of certain one-time items, Sears reported an adjusted loss of $230 million in the quarter ended April 29. Sears has lost about $10 billion in the last six years.

Shares, which have been volatile among concerns about Sears’ cash levels, rose 18% in premarket trading. Still, they are down about 50% from a 52-week high.

Sears got a boost this week when it reported that it had been able to extend the maturity on some of its debt. Earlier this year, several credit agencies downgraded its debt and at least one invoked the possibility of bankruptcy giving the years-long sales declines. The company has been closing stores for years, shedding valuable assets and borrowing money from Lampert, a hedge fund manager, to stave off liquidity shortages.

THOMASDISHAW.COM

THOMASDISHAW.COM

Born and raised in the backwoods of Michigan, Thomas Dishaw is an independent writer and entrepreneur. His work has been criticized in Slate, Right Wing Watch, Gawker, Daily Mail, and NY Daily News. Thomas currently writes for NaturalNews.com and resides in Delaware with his wife and Shih Tzu, where they enjoy healthy eating, politics, MSU Spartans and conservative values.
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  • Disqus-helpsGOVTbreaklaws&kill

    $ears was caught selling re-manufactured car batteries as new & had to pay defrauded customers millions

    • Clyde Weathers

      I don’t recall ever reading about this.

  • Guillotine_ready

    The jobs which permitted families to live a middle class life are gone, the money is collecting in the accounts of ever fewer corps. The service industry is a low paying soul crushing way to earn a living.
    Therefore the money to spend at stores like sears is seriously reduced and translates into losses for the stores. This shows the whole economic recovery is a sham and a lie. Some have ecovered but it was not reallya recover when the already obscenely wealthy get even more. It is a sickness that is killing the country.
    So of course there are a lot of young inexperiened people hopped up on percieved injustices and ready to march and wear stupid hats as though anyone is watching or listening to them. But it does distract folks from the screwing they have been taking since 2000.
    Goodbye Sears and the rest.

    • jwrussell

      This all started by sending millions of jobs overseas, also the U.S. brings in one million people and gives them citizenship every year!!! The U.S. can’t provide a million jobs a year not even for the people that were born here.