1. Sears is Teetering on the Edge of Bankruptcy and Kmart Could be its First Casualty

    Sears is Teetering on the Edge of Bankruptcy and Kmart Could be its First Casualty
    • Sears' sales are down 45% since early 2013, its debt load has spiked to over $4 billion, and the company is losing well over $1 billion annually.
    • To meet its obligations, Sears has been selling off valuable brands and properties.
    • Now its pool of assets is dwindling, increasing the risk of a bankruptcy, analysts say.
    • Kmart, in particular, is at risk of shutting down, as it loses market share fast....
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    1. Continuing to fund shortfalls is becoming more challenging, particularly as Sears continues to bleed its asset pool.
    2. Despite its significant efforts to reduce its stores, it has not materially improved its weak operating performance to date.
    3. Mr. Berkowitz believed that his board service would enable him to better communicate Fairholme's perspective in substantially greater depth and detail than would otherwise have been the case.
    4. Our Shop Your Way membership program and Integrated Retail Strategy remain a key focus for us in order to meet the needs of our members.
    5. At the end of the day, the business is not sustainable.
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