alpha asset strategies Posted September 14, 2016 Share Posted September 14, 2016 Yet another SHLD finance executive has left the company - in addition to the CFO: https://www.sec.gov/Archives/edgar/data/34115/000119312516706496/d246150d8k.htm Claire’s Stores, Inc. (the “Company”) has appointed Scott Huckins to serve as its Executive Vice President and Chief Financial Officer, effective October 5, 2016. Mr. Huckins, 49, succeeds J. Per Brodin as the Company’s principal financial officer. Mr. Huckins served as Vice President and Corporate Treasurer of Sears Holdings Corporation from June 2012 through September 2016. From February 2010 to May 2012, Mr. Huckins was Vice President and Treasurer of RSC Holdings, Inc. Mr. Huckins served as Principal of Pioneer Advisors from September 2008 to January 2010. From February 2001 to September 2008, Mr. Huckins served in various roles at Koch Industries, Inc. and affiliated companies, including serving as President and Chief Executive Officer of Koch Financial Products, LLC, Chief Financial Officer of Koch’s Capital Markets Division, Corporate Treasurer of Koch, and Chief Financial Officer of a wholly-owned Koch Portfolio Company. Prior to Koch, Mr. Huckins served as Vice President of Capital Markets and Director of Strategic Planning at FINOVA Capital Corporation from June 1994 to January 2001 where he focused on asset securitizations. Mr. Huckins has a B.S. in Finance from Arizona State University and MBA from Northwestern University’s J.L. Kellogg Graduate School of Management. Link to comment Share on other sites More sharing options...
Spekulatius Posted September 14, 2016 Share Posted September 14, 2016 Yet another SHLD finance executive has left the company - in addition to the CFO: https://www.sec.gov/Archives/edgar/data/34115/000119312516706496/d246150d8k.htm Claire’s Stores, Inc. (the “Company”) has appointed Scott Huckins to serve as its Executive Vice President and Chief Financial Officer, effective October 5, 2016. Mr. Huckins, 49, succeeds J. Per Brodin as the Company’s principal financial officer. Mr. Huckins served as Vice President and Corporate Treasurer of Sears Holdings Corporation from June 2012 through September 2016. From February 2010 to May 2012, Mr. Huckins was Vice President and Treasurer of RSC Holdings, Inc. Mr. Huckins served as Principal of Pioneer Advisors from September 2008 to January 2010. From February 2001 to September 2008, Mr. Huckins served in various roles at Koch Industries, Inc. and affiliated companies, including serving as President and Chief Executive Officer of Koch Financial Products, LLC, Chief Financial Officer of Koch’s Capital Markets Division, Corporate Treasurer of Koch, and Chief Financial Officer of a wholly-owned Koch Portfolio Company. Prior to Koch, Mr. Huckins served as Vice President of Capital Markets and Director of Strategic Planning at FINOVA Capital Corporation from June 1994 to January 2001 where he focused on asset securitizations. Mr. Huckins has a B.S. in Finance from Arizona State University and MBA from Northwestern University’s J.L. Kellogg Graduate School of Management. CFO's don't like bankrupty's on their resume. I think a CFO leaving is generally much worse than a CEO leaving, because the CFO does know the numbers (or at least should). Link to comment Share on other sites More sharing options...
CorpRaider Posted September 14, 2016 Share Posted September 14, 2016 Seems like latest guy took a promotion. Link to comment Share on other sites More sharing options...
Marve2013 Posted September 15, 2016 Share Posted September 15, 2016 http://finance.yahoo.com/news/moodys-sears-kmarts-shutdown-imminent-142719415.html Think it would help if Sears would separate out the financials - online vs traditional retail. Might show there is some slim hope for viability ... Could be that 1) financials are very hard to separate out in a clear cut format as they are all entangled 2) online business not at the point where it looks good enough to be separated out (and might cause more of an alarm) or 3) doesn't want competitors to know yet what its moves are and where the focus on the new business is ... i.e. if the new business isn't as strong yet, best to let it grow a while further without heavy winds blowing In a sense, I have to give it to this guy Eddie for his tenacity, stamina, and single focus ... Link to comment Share on other sites More sharing options...
alpha asset strategies Posted September 15, 2016 Share Posted September 15, 2016 This entire SHLD saga just seems like one extremely long game of poker that Lampert and Berkowitz have been playing. We are all left constantly trying to figure out their game plan or their next move. As Buffett says, "Only when the tide goes out do you discover who's been swimming naked." I think the tide is rapidly starting to go out for SHLD. We should finally soon see if Lampert & company are clothed. Link to comment Share on other sites More sharing options...
BargainValueHunter Posted September 15, 2016 Share Posted September 15, 2016 This entire SHLD saga just seems like one extremely long game of poker that Lampert and Berkowitz have been playing. We are all left constantly trying to figure out their game plan or their next move. As Buffett says, "Only when the tide goes out do you discover who's been swimming naked." I think the tide is rapidly starting to go out for SHLD. We should finally soon see if Lampert & company are clothed. **SPOILER ALERT** They aren't clothed. Link to comment Share on other sites More sharing options...
alpha asset strategies Posted September 16, 2016 Share Posted September 16, 2016 This entire SHLD saga just seems like one extremely long game of poker that Lampert and Berkowitz have been playing. We are all left constantly trying to figure out their game plan or their next move. As Buffett says, "Only when the tide goes out do you discover who's been swimming naked." I think the tide is rapidly starting to go out for SHLD. We should finally soon see if Lampert & company are clothed. **SPOILER ALERT** They aren't clothed. Lol.......I tend to agree with you. Link to comment Share on other sites More sharing options...
CorpRaider Posted October 4, 2016 Share Posted October 4, 2016 Hmm, reports of ~$2 billion for Craftsman... http://www.bloomberg.com/news/articles/2016-10-04/sears-s-craftsman-said-to-draw-interest-from-black-decker-tti I think Berkowitz pegged a $5 billion-ish number on Craftsman, Kenmore, DieHard and Home Services. Link to comment Share on other sites More sharing options...
alertmeipp Posted October 4, 2016 Author Share Posted October 4, 2016 so say they get 5billions for them.... then what? Will Eddie just invest more in ShopYourWay? Link to comment Share on other sites More sharing options...
Ballinvarosig Investors Posted October 4, 2016 Share Posted October 4, 2016 Eddie has also put out a blog rubbishing talk of a K-Mart shutdown. https://blog.searsholdings.com/eddie-lampert/committed-to-our-members-kmart-and-our-transformation/ Last week, we announced a partnership between Shop Your Way®, Sears Auto Centers and Uber. This is another example of how we are transforming Sears Holdings to focus on serving our Shop Your Way members in a wide variety of ways. You should expect additional partnerships over time emphasizing our Shop Your Way business and demonstrating ways that we will bring value to our members’ lives every day. I also wanted to comment on the frequent false and exaggerated claims surrounding our Kmart business. Recent reports have suggested that Kmart will cease its operations. I can tell you that there are no plans and there have never been any plans to close the Kmart format. In fact, we’ve been working hard to make Kmart a more fun, engaging place to shop, powered by our integrated retail innovations and Shop Your Way. To report or suggest otherwise is irresponsible and is likely intended to do harm to our company to the benefit of those who seek to gain advantage from posting these inaccurate reports. There are a few things that are very important for you to keep in mind. First, Kmart continues to operate over 700 stores. Second, a significant number of these stores are profitable and have been profitable for many years. Third, we have been clear that we are intent on improving the performance of our unprofitable stores and, if we cannot, we will close them. Actions to improve our store productivity, including reducing inventory stored in the stockrooms, are designed to make our stores easier to operate and to eliminate unproductive inventory and processes. Decisions to close stores are never easy, but we recognize that the way people are shopping is changing significantly. This is why we have made major investments in our online and mobile platforms and this is why our focus on serving members through Shop Your Way is so important. We are acting more aggressively and continuing to evaluate stores as leases expire and as other opportunities present themselves that improve the economics of Sears Holdings. We expect to end up with a large chain of stores, some owned and some leased, but with a company focused on serving members broadly through Shop Your Way rather than exclusively or predominantly through our stores. Our stores remain extremely important to our future, but as part of an overall focus on serving our Shop Your Way members. We are working to restore the company to profitability. Our significant asset base gives us the wherewithal to fund our business, but we don’t intend to use our asset value to support losses. Focusing on our best members, best stores and best categories means a smaller overall store footprint, and one that still represents one of the largest number of stores and square footage in the United States. We have a process underway to create value by positioning our Kenmore, Craftsman and DieHard businesses as well as our Sears Home Services business to benefit from broader distribution and partnerships that will allow them to grow beyond Sears Holdings. We also possess a significant portfolio of real estate assets with an opportunity to create value through improving our retail productivity and by monetizing them in a variety of ways. While the retail environment generally has been challenging and we won’t be able to restore profit immediately, we are focused on executing our plan and establishing a foundation from which Sears Holdings can grow for years to come. It isn’t easy and there will be bumps along the way, but we have tens of thousands of hard working men and women dedicated to transforming the company and making our members lives better and easier every day. Link to comment Share on other sites More sharing options...
Ballinvarosig Investors Posted October 4, 2016 Share Posted October 4, 2016 so say they get 5billions for them.... then what? Will Eddie just invest more in ShopYourWay? The PBGC have a springing lien on assets to the value of the $2.1bn pension deficit, so it seems unlikely that Sears can use this cash to fund retail losses. Link to comment Share on other sites More sharing options...
rogermunibond Posted October 5, 2016 Share Posted October 5, 2016 Hmm, reports of ~$2 billion for Craftsman... http://www.bloomberg.com/news/articles/2016-10-04/sears-s-craftsman-said-to-draw-interest-from-black-decker-tti I think Berkowitz pegged a $5 billion-ish number on Craftsman, Kenmore, DieHard and Home Services. I think they used KCD (Kenmore, Craftsman, Diehard) assets/IP to back their captive reinsurance operation. Wonder what the sale of Craftsman does to that? Link to comment Share on other sites More sharing options...
adesigar Posted October 7, 2016 Share Posted October 7, 2016 Here's what closing Sears and Kmart Would Look Like https://www.bloomberg.com/gadfly/articles/2016-10-06/closing-sears-and-kmart-harder-than-it-looks IMO completely useless article. If you want something negative the articles about SHLD on Seeking Alpha by Elephant Analytics and Dylan Street Capital are FAR superior to the crap in the general media. Link to comment Share on other sites More sharing options...
BTShine Posted October 12, 2016 Share Posted October 12, 2016 This news on Stanley Black & Decker (SWK) buying Newell's Tool Division is bittersweet. One one hand, the valuation multiple was very high at 2.67 X Sales. Sales of $750 and Price of $2.0 Billion. On the other it raises the potential that Stanley Black & Decker might have used all their appetite on the Newell acquisition. Considering the success of the Stanley Black & Decker Merger in Nov, 2009 which created an $8 Billion juggernaut, they might have the appetite for a few acquisitions. Newell's sales are only $750 million compared to SWK's $11 Billion. Craftsman's sales were reported to be $2.2 Billion in 2012. Maybe $1.5 Billion now? Would they pay $3 Billion for Craftsman? SWK Deal in 2009: http://www.nytimes.com/2009/11/03/business/03deal.html?_r=0 Newell Tool Deal 2016: http://www.usatoday.com/story/money/business/2016/10/12/stanley-black--decker-newell-tools-irwin-lenox/91935900/ Link to comment Share on other sites More sharing options...
Marve2013 Posted October 12, 2016 Share Posted October 12, 2016 Interesting ... http://www.geekwire.com/2016/startup-side-sears-retail-giants-wallyhome-sensor-company-grows-rapidly-acquisition/ Link to comment Share on other sites More sharing options...
Ballinvarosig Investors Posted October 12, 2016 Share Posted October 12, 2016 On the other it raises the potential that Stanley Black & Decker might have used all their appetite on the Newell acquisition. Bittersweet is the word, Stanley Black & Decker were supposedly one of the interested parties in Craftsman as well. Looking at SWK's balance sheet, I would almost certainly say that they cannot make any more acquisitions. Their debt to EBITDA position will be at about 3x after this. To buy craftsman they'd be going to more like 4x, which I think the bankers would almost certainly not allow. Link to comment Share on other sites More sharing options...
BTShine Posted October 12, 2016 Share Posted October 12, 2016 Their TTM EBITDA is over $1.8 Billion and their net debt before this acquistion is $3.6 Billion. That's 2X. After this acquisition they'll be at 3X. Going to 4.5X, or less if they decide to issue some shares to pay for the transaction, could be totally fine for a company as stable as SWK. Even during the Great Recession SWK was profitable. My conclusion is that financially they'd be fine paying $2 to $4 Billion for Craftsman. Link to comment Share on other sites More sharing options...
CorpRaider Posted October 12, 2016 Share Posted October 12, 2016 Interesting ... http://www.geekwire.com/2016/startup-side-sears-retail-giants-wallyhome-sensor-company-grows-rapidly-acquisition/ That really is interesting to me. Thanks for sharing. Link to comment Share on other sites More sharing options...
Ballinvarosig Investors Posted October 13, 2016 Share Posted October 13, 2016 Barrons Money Manager poll on some stocks. Link to comment Share on other sites More sharing options...
BargainValueHunter Posted October 13, 2016 Share Posted October 13, 2016 New low today. I didn't think it would happen a few years ago what with all the "real estate", brands and "services" but single digits here we come. March 2012 price per share: ~$80 Link to comment Share on other sites More sharing options...
doughishere Posted October 18, 2016 Share Posted October 18, 2016 Blah..... Link to comment Share on other sites More sharing options...
Ballinvarosig Investors Posted October 21, 2016 Share Posted October 21, 2016 Jakks Pacific supposedly the next supplier to suspend deliveries to Sears. https://www.thestreet.com/story/13861870/1/jakks-pacific-may-not-be-only-toy-maker-to-halt-shipments-to-dying-sears.html Link to comment Share on other sites More sharing options...
jmp8822 Posted October 21, 2016 Share Posted October 21, 2016 Jakks Pacific supposedly the next supplier to suspend deliveries to Sears. https://www.thestreet.com/story/13861870/1/jakks-pacific-may-not-be-only-toy-maker-to-halt-shipments-to-dying-sears.html What a disaster for Sears - even if they aren't in as much trouble as the media suggests - things like this will kill them and could be a self-fulfilling prophecy. If you are a CEO of a supplier and everyone else stops selling to Sears except you, how does that make you and your company look if you suffer losses? This is scary for Sears and mostly bothers me because I like rooting for Eddie and Bruce. Link to comment Share on other sites More sharing options...
oddballstocks Posted October 21, 2016 Share Posted October 21, 2016 Jakks Pacific supposedly the next supplier to suspend deliveries to Sears. https://www.thestreet.com/story/13861870/1/jakks-pacific-may-not-be-only-toy-maker-to-halt-shipments-to-dying-sears.html What a disaster for Sears - even if they aren't in as much trouble as the media suggests - things like this will kill them and could be a self-fulfilling prophecy. If you are a CEO of a supplier and everyone else stops selling to Sears except you, how does that make you and your company look if you suffer losses? This is scary for Sears and mostly bothers me because I like rooting for Eddie and Bruce. Reflexivity correct? Vendors are worried about getting paid so they don't supply the stores. The media gets wind of it and then you start seeing stories on the 11pm news "Sears suppliers refuse deliveries before Christmas on bankruptcy fears." What's that do? Consumers think "empty shelves" and don't go, which further exacerbates Sears' problems and down the drain it spirals. This is why the CEO needs to be the company's biggest cheerleader. Out there pumping things up right until the day they fail. At least with behavior like that the impending is delayed. Link to comment Share on other sites More sharing options...
tooskinneejs Posted October 21, 2016 Share Posted October 21, 2016 Circuit City was in a significantly better financial position and still succumbed to vendor flight, forcing them out of business. Link to comment Share on other sites More sharing options...
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