By Lisa Johnston
New products on display at the American International Toy Fair, held in N
Hoffman Estates, Ill. — Sears Holdings reported lower sales while net losses continue.
The company, which operates Sears and Kmart, reported a net loss of $358 million for the fourth quarter and $1.4 billion for the full year of 2013. This compares with net loss of $489 million and $930 million, respectively, for the prior year fourth quarter and full year.
Fourth-quarter revenues decreased $1.7 billion to $10.6 billion for the quarter, ended Feb. 1, compared with revenues of $12.3 billion for last year’s final quarter.
This TWICE webinar, hosted by senior editor Alan Wolf, will take a look at what may be the hottest CE products at retail that will be sold during the all-important fourth quarter. Top technologies, market strategies and industry trends will be discussed with industry analysts and executives.
Washington — The U.S. Supreme Court has cleared the way for a trio of class-action lawsuits to proceed against Sears, Whirlpool and BSH over allegedly mold-prone washers.
The court yesterday refused to hear appeals by the three companies, which are accused of making and selling millions of front-load washers that allegedly developed mold or musty odors.
Hoffman Estates, Ill. – Sears has launched a curbside pickup service that allows customers to retrieve online orders at their local Sears store in five minutes or less without leaving the car.
To use the service, online customers must select the “In-Vehicle Pickup” option at checkout, provide details of the vehicle they will arrive in, and activate Sears’ “Shop Your Way” mobile app.
Chicago – Sears Holdings said it plans to close its flagship State Street store here in April.
The retailer told Crain’s Chicago Business that the downtown Loop location has lost millions of dollars since opening 13 years ago with city tax-increment financing, and that Sears could no longer continue to support its operating losses.
Hoffman Estates, Ill. – Sales declines and continued investments in its digital shopping platform led to a $534 million third-quarter loss for Sears Holdings.
The red ink increased from a $498 million loss in the year-ago period.
Revenues fell 7 percent to $8.3 billion for the three months ended Nov. 2, and U.S. comp store sales declined 3.1 percent on weakness in CE, major appliances and other core categories.
Hoffman Estates, Ill. — Sears and Kmart will continue their tradition of opening their stores on Thanksgiving Day.
Kmart, which has done so for the past 22 years, will open its doors at 6 a.m. on turkey day, and will remain open for the next 41 hours, through 11 p.m. Black Friday evening.
Sister chain Sears will open for the third consecutive Thanksgiving, beginning at 8 p.m., and will continue to operate through 10 p.m. Black Friday night.
Hoffman Estates, Ill. – Sears Home Appliance Showrooms, a specialty chain that was spun off from Sears Holdings last year, is three months into a store remodeling program.
Hoffman Estates, Ill. — Sears Holdings has borrowed $1 billion under a new loan facility.
The loan extends an existing credit agreement that provides nearly $3.3 billion in revolving credit.
Sears said it will use the new loan to pay down $1 billion in borrowings under the revolving credit facility.
Hoffman Estates, Ill. – Sears Holdings said store closings, sales declines and promotional costs contributed to a steeper loss in the second quarter.
The company also reported comp sale declines for its core major appliance business at Sears, and lower CE comps at Kmart.
The net loss widened to $194 million for the three months ended Aug. 3, compared to a loss of $132 million for the year-ago quarter, while total revenues decreased 6.3 percent to $8.9 billion.