|Bid||0.7266 x 1400|
|Ask||0.7293 x 1100|
|Day's Range||0.3500 - 0.4210|
|52 Week Range||0.2800 - 4.0800|
|Beta (3Y Monthly)||-0.70|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
At its peak, it was the biggest retailer in the world, and its catalog proved the company could be a disruptive innovator; today it's mired in bankruptcy
The ratings on the 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. The rating on the IO class was affirmed based on the credit quality of the referenced classes. Moody's rating action reflects a base expected loss of 4.1% of the current pooled balance, compared to 4.4% at Moody's last review.
Same-store sales at Sears Holdings increased by 3.2 percent during its third quarter, according to company filings. Sears, which has not seen same-store sales growth in years, filed for bankruptcy in October and closed 28 Kmart stores and 73 Sears locations in the third quarter. Customers who abandoned Sears Holdings SHLDQ in favor of shopping online and other discount retailers have returned for its liquidation sales.
Sears Holdings saw same-store sales increase for the first time in years as customers returned to its stores for liquidation sales.
The ratings on the six 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. The ratings on the two IO classes were affirmed based on the credit quality of the referenced classes. Moody's rating action reflects a base expected loss of 5.0% of the current pooled balance, compared to 5.5% at Moody's last review.
All it took for Sears Holdings Corp. to increase sales was to go mostly out of business. The measure—which excludes newly opened or closed locations—rose 6.1% at Kmart locations and 3.2% at Sears stores. In a securities filing, Sears said the improvement was due to liquidation sales at stores that it is closing.
Lowe's during its annual investor day announces a $10 billion stock buyback program. The home improvement retailer issues its financial targets for fiscal 2019. Lowe's reiterates its profit outlook for fiscal 2018.
The vendors are selling their legal claims against Sears to hedge funds like Whitebox Advisors and Cherokee Debt Acquisition, with over $24 million of unpaid bills having changed hands so far, according to a Bloomberg News analysis of court filings. Sears vendors including Electrolux AB, Sub-Zero and Perfect Fit Industries are among those that have chosen to get cash now, according to the court filings. A representative for Whitebox declined to comment, while representatives for Jefferies and Hoffman Estates, Illinois-based Sears didn’t respond to requests for comment.
At the largest retail real estate conference on the East Coast, put on by ICSC, landlords spoke to CNBC about demolishing a Sears store being a cheaper and faster option than back-filling the existing structure. Sears' future while it's in bankruptcy court proceedings is still uncertain, with a total liquidation being one possible outcome. If a Sears store near you has already closed or is in the process of closing, it's likely the owner of that property will opt to demolish it rather than find someone to fill the space.
Starwood Capital Group’s 2013 purchase of a group of U.S. shopping malls has been a struggling investment for years. Now, that portfolio of shopping centers has become a losing bet in Israel, too. A recent Starwood bond offering that trades in Tel Aviv and is backed by seven malls is one of the worst-performing Israeli bonds this year.
ESL Investments' preliminary offer to buy Sears Holdings out of bankruptcy does nothing to dispel the impression that a liquidation would provide better recoveries for most of its creditors.
Moody's Investors Service, ("Moody's") affirmed Lands' End, Inc.'s ("Lands' End") Corporate Family Rating (CFR) and Probability of Default Rating (PDR) at B3 and B3-PD, respectively, affirmed the B3 rating on the company's $515 million principal senior secured term loan due 2021, and affirmed the company's Speculative Grade Liquidity (SGL) rating at SGL-1. "The stabilization of Lands' End's rating outlook reflects the company's significant improvement in credit metrics and our expectation that the positive momentum will continue despite exposure to an evolving retail environment, albeit at a more measured pace going forward owing to stronger comps," said Brian Silver, Moody's lead analyst for Lands' End.
Sears Holdings Corp.’s push to pay up to $25 million in bonuses to executives and some high-ranking non-insiders has drawn fire from a bankruptcy watchdog.
It keeps going from bad to worse for JCPenney (NYSE:JCP). JCP stock touched an all-time low just above $1 last month. Since then, its margins have been pressured and its losses have mounted, leading JCP stock to continually make lower highs and lower lows.
Strong prices could complicate Lampert’s effort to buy Sears if it turns out the chain is worth more dead than alive to its creditors. Burlington Stores Inc., At Home Group Inc., Dick’s Sporting Goods Inc. and U-Haul are among those that have expressed interest in some Sears properties, along with potential buyers interested in converting stores into residential or office space, one person said. Naveen Jaggi, president of retail and brokerage services at JLL, confirmed that his firm had been hired by Sears to market the portfolio.
Omega alleged in court papers filed Thursday that Sears struck a backroom deal to swing the auction in favor of Cyrus Capital Partners LP, one of the bankrupt retailer’s biggest creditors. Cyrus won the auction last month, buying up hundreds of millions of dollars in loan claims between different Sears affiliates. Cyrus bought the loan claims at auction, preventing them from falling into the hands of the insurance holders that need them and potentially salvaging its own bad bet on Sears.
Corp., said Friday it plans to close at least 80 more stores and also raised “substantial doubt” about its long-term future. The Hoffman Estates, Ill.-based retailer, which still relies on its former parent for products and services, said in a Securities and Exchange Commission filing that although it believes it will be able to refinance its senior asset-based lending facility and term loan to give it enough liquidity through fiscal 2019, “such refinancing has not occurred and cannot be considered ‘probable’” at this time. Conditions or events that raise substantial doubt about a company’s ability to continue as a going concern typically relate to its ability to meet obligations as they become due, generally within a year after the date that financial statements are issued.
As 2018 comes to an end, it's been announced that more than 146 million square feet of retail space will be shut across the U.S. in malls and shopping centers, according to real estate research group CoStar. Mall and shopping center owners across the U.S. are starting to talk about change, realizing that if their centers keep the same antiquated models, anchored solely by department stores, they risk them going dark in the coming years. Roaming the halls of the largest retail real estate conference on the East Coast this past week, put on by ICSC, were more digital brands than traditional ones.
Lampert entities now hold $2.6 billion of loans, making him the company’s biggest creditor. Taking the hedge-fund manager up on his offer would defang the probes into Lampert’s deals, an investigation that so far has caused Sears and others to hand over 400,000 pages of documents. A spokesman for ESL said the transactions were valid and show the firm’s consistent support for Sears in its efforts to return to profitability amid disruption in the retail industry.
Edward Lampert, the chairman and biggest creditor of Sears Holdings Corp., has made an offer to buy the retailer’s stores and other assets out of bankruptcy court in a bid to keep control of the struggling ...
At its peak, Sears, Roebuck was the largest retailer in the world. And then, the company that dominated the department store and mail order business for much of the 20th century officially filed for bankruptcy, buckling under its massive debt load and staggering losses. David Pogue looks at the company and its failure to evolve in a changing economy.