June 25, 2011 |
Sears Holdings Corp. plans to spin off its home improvement unit, Orchard Supply Hardware Stores Corp., as a separate publicly traded company, the department store giant said. Often called OSH, Orchard Supply is a San Jose-based chain that operates 89 stores, all in California. Shares of OSH, which plans to be traded as OSHS on the Nasdaq once it becomes a stand-alone company, will be distributed to Sears Holdings shareholders. Sears Holdings said in a filing with the Securities and Exchange Commission on Thursday that it believed OSH would generate more value for shareholders as an independent entity and that the move would provide "financial, operational and managerial benefits to both" companies.
March 19, 2010 |
Sears Holding Corp. said Wednesday that more than 7,000 job openings at Sears and K-Mart will be posted on Twitter, a move experts say is a way to advertise and market its brands to 18- to 34-year-olds, the mainstay of the social networking site. "It allows for multiple ways to communicate a positive message and achieve multiple goals within an organization from marketing to [human resources]," said Mike Dwyer, a social media strategist for Aon Consulting. Sears Holdings said the job tweets will be posted by TweetMyJobs.
May 22, 2009 |
Sears Holdings Corp. reversed a year-ago loss and posted a profit of $26 million for its first quarter as it worked to manage inventory in its stores. The results amounted to a profit of 21 cents a share, which is markedly better than a year earlier, when the retailer led by financier Edward Lampert lost $56 million, or 43 cents. Excluding one-time items, the company said it earned $47 million, or 38 cents, for the three months that ended May 2. Sales fell more than 9% to $10.06 billion.
December 3, 2008 |
Sears Holdings Corp. posted a loss Tuesday that was wider than analysts estimated as cash-strapped consumers bought less clothing, appliances and home furnishings, pushing sales down for the seventh straight quarter. Sears abandoned its earnings forecast for the remainder of the year and said it would repurchase as much as $500 million in additional shares and close more stores. Fiscal third-quarter revenue fell 8.3% to $10.7 billion. The results indicate that Chairman Edward Lampert has yet to find a successful strategy to win customers since he brought the Sears and Kmart chains together in 2005.
January 29, 2008 |
Sears Holdings Corp. abruptly announced the departure of President and Chief Executive Aylwin B. Lewis on Monday, leaving a management void at the top of the department store chain controlled by Chairman Edward S. Lampert. The change comes as the company tries a high-stakes restructuring to reconnect with customers and reinvigorate slumping sales. Lewis, 52, who also resigned from the board, was an executive at fast-food chain Yum Brands Inc.
July 11, 2007 |
Sears Holdings Corp. forecast lower quarterly profit Tuesday and said it needed to better control its costs and stock more items that its shoppers demand, sending shares down 10%. The company, which runs the Sears and Kmart chains, also said its board had approved the repurchase of as much as an additional $1 billion of common stock. Under the control of hedge fund manager Edward Lampert, Sears has been seen as much as a financial stock as a retail stock.