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BRIEF-Sears Holdings says board has decided to explore alternatives for two businesses
May 26, 2016 / 10:21 AM / a year ago

BRIEF-Sears Holdings says board has decided to explore alternatives for two businesses

May 26 (Reuters) - Sears Holdings Corp

* Sears holdings reports first quarter 2016 results and other corporate developments

* Q1 revenue $5.4 billion versus $5.9 billion

* Q1 loss per share $4.41

* Q1 adjusted loss per share $1.86

* Qtrly Kmart and Sears domestic comparable store sales declined 5.0% and 7.1%

* 6.1% decline in comparable store sales during quarter

* During Q1 of 2016, company closed a $750 million senior secured term loan

* Also entered into a $500 million committed secured loan facility maturing in july 2017 in Q1

* Proceeds were used to reduce outstanding borrowings under its asset-based revolving credit facility

* “Operating performance still remains well below our goals”

* “Sears domestic and Kmart apparel businesses continue to be negatively impacted by a heavily promotional competitive environment”

* CFO Robert Schriesheim will be departing from his position with company

* Schriesheim has agreed to continue in his current role until we have identified his replacement

* Schriesheim will continue to remain an advisor to company through January 31, 2017

* Company’s cash balances were $286 million at April 30, 2016 compared with $238 million at january 30, 2016

* Total long-term debt was $3.4 billion and $2.2 billion at April 30, 2016 and January 30, 2016

* Board of directors has decided to explore alternatives for Kenmore, Craftsman and Diehard & Sears home services businesses

* Retained Citigroup Global Markets and Liontree advisors to assist us in these efforts Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)

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