Sears Holdings Corporation (NASDAQ:SHLD) Broker Price Targets For The Coming Week

Sears Holdings Corp's shares tumbled as much as 16 percent on Wednesday as bondholders and investors questioned how long the storied retailer could remain in business after it flagged doubts that it could continue as a going concern.

In Canada, Sears operates separately from its USA parent but is still controlled by hedge fund manager Edward Lampert, who is chairman and chief executive officer of the US chain.

In the next phase of its "strategic transformation", Sears is hoping this year to reduce costs by $1 billion and cut its debt and pension obligations by at least $1.5 billion.

Sears has upped its presence online, but is having a hard time disguising its age. Adjusted for one-time charges, its loss was $887 million. During the same quarter in the previous year, the company posted ($1.70) EPS.

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The managing director of a Bangladesh-based textile firm said his company is using only a handful of its production lines to manufacture products for Sears' 2017 holiday sales.

On Tuesday, Sears Canada said it had sealed a credit agreement for a five-year secured term loan of up to $300-million with KKR Capital Markets LLC and GACP Finance Co. Sears also mentioned it may be unable to raise more money. He said he noticed a warning sign previous year when Sears pushed to increase its purchases, which occurred "because a lot of their current suppliers were either cutting them off or limited them on credit".

Is your local Sears or Kmart among 150 stores to be axed? "Sometimes multiple retailers to take those large spaces", Bell said.

"They've got all kinds of issues", said Noel Hebert, an analyst at Bloomberg Intelligence.

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Earlier this month, Sears sold off its Craftsman brand of tools to Stanley Black & Decker.

The company that operates Sears, the department store chain that dominated retail for decades, warned Tuesday that it faces "substantial doubt" about its ability to stay in business unless it can borrow more and tap cash from more of its assets.

Mr. Lampert owned almost 10 per cent of the real-estate investment trust that paid Sears $2.6-billion for stores that it purchased, many of which were then leased back to the retailer.

Sears, which at the end of its fiscal year had about 140,000 employees, said that it expects to continue to try to generate cash from real estate sales and borrowing.

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"However, we can not predict, with certainty, the outcome of our actions to generate liquidity, including the availability of additional debt financing, or whether such actions would generate the expected liquidity as now planned", the document added.


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