|Bid||1.02 x 47300|
|Ask||1.60 x 1000|
|Day's Range||1.13 - 1.32|
|52 Week Range||1.07 - 7.78|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 28, 2018 - Dec 3, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||2.00|
We take a look at some of today's stock winners and losers.
Warning that Sears Holdings Corp. is running out of time and money, CEO Edward Lampert is making his biggest push yet to restructure the retailer to avoid a bankruptcy filing, as a debt payment looms next month. Mr. Lampert, who is also Sears’s chairman, controlling shareholder and biggest creditor, wants creditors to restructure about $1.1 billion of debt coming due in 2019 and 2020, according to a proposal made public on Monday. The proposal also calls on the Sears board to sell another $1.5 billion of real estate and divest some $1.75 billion of assets, including Sears Home Services and the Kenmore appliance brand, which he has offered $400 million to buy himself.
Billionaire Lampert, who also runs hedge fund ESL Investments Inc, said the 125-year-old department store chain should take steps reduce its debt load to $1.2 billion from $5.6 billion. Lampert and his hedge fund, which he controls, own about 50 percent of Sears, according to Thomson Reuters data. Lampert said Sears should offer creditors options to extend their debt or exchange it for new holdings, giving Sears more time to turn its business around.
Sears Holdings Corp. (SHLD) shares traded 3.15% lower Monday afternoon after CEO Eddie Lampert's hedge fund ESL urged the company to "act immediately" as it faces large payments on its debt. The proposal would reduce 78% of Sears' debt to $1.2 billion and cut its interest expenses by 80% to $88 million while adding $1.2 billion in liquidity over two years, ESL said in a letter to Sears. Warning! GuruFocus has detected 5 Warning Signs with SHLD.
The ratings of seven P&I classes were affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio, Moody's stressed debt service coverage ratio (DSCR), and the transaction's Herfindahl Index (Herf) are within acceptable ranges. Moody's rating action reflects a base expected loss of 4.8% of the current pooled balance. Moody's base expected loss plus realized losses is now 4.8% of the original pooled balance.
Newell Brands has had a tough year, even by consumer-staples standards, but Wells Fargo argues that Monday’s selloff has gone too far.
Sears and Kmart owner Sears Holdings looks to be on its last legs judging by a new SEC filing on Monday.
Among other things, the proposal includes a plan for Sears to sell an additional $1.5 billion in real estate.
The hedge fund owned by Sears Holdings Corp. CEO Eddie Lampert is urging the retailer's board to sell more of its real estate and restructure its debt, as it seeks to avoid bankruptcy. ES Investment Hedge Fund said Monday that Sears should sell $1.5 billion more in real estate and restructure $1.1 billion in debt, according to the filing with the Securities and Exchange Commission. The Hoffman Estates, Illinois-based operator of Sears and Kmart has closed hundreds of stores as it burns through money amid sagging sales.
The restructuring plan for Sears (NASDAQ:SHLD) comes from ESL Investments. This is a hedge fund belonging to Lampert. The first suggestions for returning value to Sears stock holders is selling assets that belong to the retail chain.
Sears Holdings Corp Chief Executive Eddie Lampert, a major investor in the company, has proposed rescue deals to help the department store chain avoid bankruptcy as debt matures next month and it faces a cash crunch, according to a regulatory filing released on Monday. Billionaire Lampert, who also runs hedge fund ESL Investments Inc, said the 125-year-old department store chain should take steps reduce its debt load to $1.2 billion from $5.6 billion. Lampert and his hedge fund, which he controls, own about 50 percent of Sears, according to Thomson Reuters data.
Since rescuing Kmart from bankruptcy and combining it with Sears in 2005, CEO Edward Lampert has closed hundreds of stores and sold off divisions as the business faltered.
Sears Holdings Corp's Chief Executive Officer Edward Lampert's hedge fund has urged the retailer to sell more real estate, as part of a plan to cut about $1.5 billion of its debt, according to a regulatory ...
HOFFMAN ESTATES, Ill., Sept. 24, 2018 /PRNewswire/ -- Sears Holdings Corporation (the "Company") (SHLD) today announced that its Board of Directors (the "Board") has received a proposal from ESL Investments, Inc. ("ESL") regarding certain liability management and real estate transactions, as outlined in ESL's Schedule 13D filing on September 24, 2018. The Board has directed the Company's management and its legal and financial advisors to work closely with ESL, its advisors and the Company's other stakeholders to seek to pursue liability management transactions of the nature described in the proposal, subject to advice of the Company's legal and financial advisors and approval of any final transaction by the Related Party Transactions Subcommittee of the Board and the full Board. The Board has referred the proposed real estate transactions outlined in the proposal to the Special Committee of the Board, which is also engaged in negotiations with ESL concerning the proposals made in ESL's August 14, 2018 letter.
The hedge fund owned by Sears CEO Eddie Lampert has proposed restructuring the department store chain's debt. The proposal is an attempt to avoid bankruptcy. ESL wants to reduce Sears' debt by nearly 80 percent to about $1.2 billion.
Holdings, is attempting to avert bankruptcy at the department store chain with a plan for a broad financial restructuring that could force creditors to swallow heavy losses. Under the plan put forward on Monday by ESL, the billionaire’s hedge fund, Sears’ $5.6bn debt burden would be slashed by almost four-fifths. Creditors would swap $1.1bn worth of their debt holdings for equity stakes, or take a haircut on their interests. The company, which has closed hundreds of its Sears and Kmart stores in recent years, would also pursue additional property sales to repay $1.5bn worth of its debt.
The U.S. Census Bureau's official August retail sales data fell short of economists' expectations, with particularly poor results at department stores. But that may not be bad news for the likes of Kohl's, Macy's, and Nordstrom.
Target is among the hundreds of retailers and other companies pushing back against the new tariffs. U.S. Trade Representative Robert Lighthizer has received almost 6,200 comment letters on the tariffs so far. A coalition of roughly 300 retailers — including Kohl's, L.L. Bean, the Gap, Macy's and Under Armour — signed on to a letter strongly opposing the tariffs.
CNBC's Courtney Reagan reports that Sears is attempting to return to profitability under the guidance of Eddie Lampert. The company hasn't been profitable in seven years.