Sears to spin off some stores, reports 4Q loss
In this Feb. 22, 2012 photo, shoppers enter a Sears department store location in Dedham, Mass. Sears Holdings said Thursday, Feb. 23, 2012, it will separate its smaller hometown stores, outlets and some hardware stores in a deal expected to raise $400 million to $500 million as it seeks to regain profitability and market share. (AP Photo/Steven Senne)
HOFFMAN ESTATES, Ill. - Sears Holdings says it will separate its smaller Hometown and Outlet stores as well as some hardware stores in a deal expected to raise $400 million to $500 million as it seeks to regain profitability and market share.
The operator of Sears and Kmart also says will sell 11 stores to General Growth Properties for $270 million.
The disclosures come as the Hoffman Estates, Ill.-based company says it swung to a loss in the fourth-quarter while revenue fell 4 per cent to $12.48 billion. Adjusted earnings totalled 54 cents per share, below analyst expectations.
Led by billionaire investor Edward Lampert, Sears has suffered losses as consumers turn elsewhere. It has sought to improve results by cutting jobs and costs and closing underperforming stores.
MSN.ca Money's editorial goal is to provide a forum for personal finance and investment ideas. Our articles, columns, message board posts and other features should not be construed as investment advice, nor does their appearance imply an endorsement by Microsoft of any specific security or trading strategy. An investor's best course of action must be based on individual circumstances.
How long does it take you to completely unpack after moving in?
Thanks for being one of the first people to vote. Results will be available soon. Check for results
- 3 days – I'm an unpacking MACHINE!
- I need a full month just to figure out where to put everything!
- 3 months – I use the boxes as end tables!
- NEVER! I still haven't unpacked everything from the last move.