Sears was supposed to… report earnings before the market opened yesterday but instead reported after the closing bell. Not reporting earnings when you say you are going to report earnings is just bad news…and weird. So the company built up all this suspense – what happened?
You guessed it… Sears did horrible, again. The company topped its previous failures to the tune of a $508 million loss, which is two times as much as they lost the previous year. Sears CEO Eddie Lampert stated that the company is looking to remain a “going concern.” If you’re not an account, being a going-concern means that it seems like you have the resources to stay in business. I really hope the CEO plans to remain a going concern. And to be honest, that was the best news on the earnings call.
What else is new with Sears… they’re still trying to sell Kenmore, which Lampert (yes, the CEO) has offered to buy for $400 million. The Kenmore brand is still worth about three times more than the company itself. And 46 more Sears and K-Mart stores will close before Christmas. Looks like we better write about them while we still can.