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CPG Management., Retail Operations Management.

Sears Loses $2.4 Billion


Posting a $2.4 billion fourth-quarter loss and admitting its sales decline is “unacceptable,” Sears says it is taking other steps to boost liquidity. The Hoffman Estates, Ill.-based company, which has already announced layoffs and the closing of 120 stores, now says it will spin off its outlet, Hometown and hardware businesses through a rights offering, which it expects to generate between $400 and $500 million, sell 11 stores to General Growth Properties, and make big reductions in inventory.

The chain says its Sears stores in the U.S. saw a 4.1% decline in the fourth quarter, while its Kmart unit sales slipped 2.7%.

“We are taking immediate actions to address our fourth quarter performance including cost and inventory reductions, honed and targeted marketing, margin actions, and bringing in new talent to strengthen our merchandising and leadership team,” CEO Lou D’Ambrosio says in its release.

via MediaPost Publications Sears Posts $2.4 Billion Loss 02/24/2012.

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About Bob Innes

Who am I and what I do best! I am a skilled Sales and Marketing team player known for performing behind the scenes miracles that increase base distribution, improve customer relationship management, exceed annual sales volume,and profitability for Consumer Packaged Goods companies. And I've been doing it for over 15 years. My successful contributions include such clients as Kraft Foods, Mars, Bumble Bee Foods, Unilever, Johnson and Johnson and SC Johnson, and JM Smuckers.

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