Sears Crashing After Gigantic Loss

[popcorn]

Sears Crashing After Gigantic Loss



Sears Holdings is down 15% after hours after the company warned of Q4 losses.
The retailer sees a Q4 adjusted loss of $2.01-$2.98. Analysts were looking for earnings of $0.26 per share.

Quarter-to-date comparable store sales are down 7.4%. Year-to-date sales are down 3.9%.

For the full year ending February 1, 2014, managements expects net loss will be between $1.3 billion and $1.4 billion.

Following the release, Brian Sozzi, CEO of Belus Capital Advisors told Business Insider’s Julia LaRoche that “the most atrocious thing was that the CEO didn’t have the courtesy to make a statement on this press release.”

Once an iconic brand, it was reported in 2012 that Sears Holdings would close 120 Sears and Kmart stores in an effort to get the company back on track.

Some argue that failure was built into Sears Holdings when billionaire investor Edward Lampert’s decided to merge struggling retailers, Sears and Kmart, back in 2004.

Lampert has sold real estate to generate cash for the retailer, but it has been argued that neither this, nor the efforts to create a member-centric retailer haven’t been adequate.

read more:
www.businessinsider.com/sears-crashing-2014-1?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+clusterstock+%28ClusterStock%29

[PrisonerOfHope]

Can't say I'm sorry for Sears, although I'm concerned about the employees. 

Last year my furnace stopped working, and I didn't know who to call.  Then I thought, "Of course!  Sears!  They're a trusted company that's been around for over 100 years!" 

Repair guy came over, looked at the unit, and told me it would cost about $600 to repair.  Oh gosh...but what choice did I have?   I told him to go ahead, and he came back again after a few minutes, and said, "I have bad news - the entire unit has to be replaced."  I panicked;  where would I get the money for that???   I told him I couldn't afford a new unit, and he told me that if I didn't replace it, I could die in my sleep from carbon monoxide poisoning!  I pretty near got hysterical, and told him I'm a widow on disability and just didn't have that kind of money.  He asked if I had family or friends who could help pay for it (stressing again that I could die): I told him I didn't, but he set up an appointment with a salesman anyway...and charged me $69 for the "service call."  He also did something to prevent the unit from coming back on, allegedly so it wouldn't kill me - I had to go out and buy a space heater.

I prayed; then I saw an ad in one of those local papers:  "Free second opinion on heating repairs."  I called, the guy came out, looked at the unit, and came back in after five minutes and said, "OK, it's working!"  Turned out that unit was clogged with animal hair.  Charge?  $0. 

I no longer trust Sears, haven't shopped there since, and never will again.  It's sad to see how unethical so many formerly trustworthy companies have become. 

(BTW, I stopped payment on the $69 check!) 

[popcorn]

I remember you going through that debacle.

[emortimer]

this is why I work on everything first then rewire for MORE POWER