beaufort Posted July 21, 2017 Share Posted July 21, 2017 Does anybody have an idea of what the sold inventory (appliances) to Amazon is worth? Link to comment Share on other sites More sharing options...
Matson125 Posted July 24, 2017 Share Posted July 24, 2017 South Coast Plaza buys back its Sears store for $187m http://www.ocregister.com/2017/07/23/south-coast-plaza-reportedly-buys-its-sears-store/ Link to comment Share on other sites More sharing options...
Liberty Posted July 24, 2017 Share Posted July 24, 2017 SHLD now back below pre-Kenmore-on-AMZN announcement... The excitement didn't last very long. Link to comment Share on other sites More sharing options...
PLynchJr Posted July 24, 2017 Share Posted July 24, 2017 It never does. ;D Link to comment Share on other sites More sharing options...
SlowAppreciation Posted August 13, 2017 Share Posted August 13, 2017 https://www.nytimes.com/2017/08/11/business/the-incredible-shrinking-sears.html Link to comment Share on other sites More sharing options...
Matson125 Posted August 13, 2017 Share Posted August 13, 2017 Eddie spends so much time reassuring shareholders and employees that Sears has ample liquidity and will be fine long term. The amount of people that read his shareholder letters and blog posts pale in comparison to the readership of the New York Times. Eddie should have taken the interview and used it to plug the Shop your way mastercard that he complained the media wasn't talking about, or talked about the scale of the shop your way program and how much $ and how many points are redeemed monthly. Eddie wasted opportunity to steer the interview in the way that would give the read a sense that Sears wasn't dead just yet. Now the NYT readers will read that piece and continue to believe that Sears has one foot in the grave. Link to comment Share on other sites More sharing options...
NBL0303 Posted August 13, 2017 Share Posted August 13, 2017 Eddie spends so much time reassuring shareholders and employees that Sears has ample liquidity and will be fine long term. The amount of people that read his shareholder letters and blog posts pale in comparison to the readership of the New York Times. Eddie should have taken the interview and used it to plug the Shop your way mastercard that he complained the media wasn't talking about, or talked about the scale of the shop your way program and how much $ and how many points are redeemed monthly. Eddie wasted opportunity to steer the interview in the way that would give the read a sense that Sears wasn't dead just yet. Now the NYT readers will read that piece and continue to believe that Sears has one foot in the grave. You make an excellent point and I agree with your point with the caveat that at certain points in time it may be difficult legally for Eddie to do an interview about Sears and its because of different transactions/developments that he may be working on at a given time. Link to comment Share on other sites More sharing options...
awindenberger Posted August 14, 2017 Share Posted August 14, 2017 South Coast Plaza buys back its Sears store for $187m http://www.ocregister.com/2017/07/23/south-coast-plaza-reportedly-buys-its-sears-store/ How many more of these sales does Sears have in them? Link to comment Share on other sites More sharing options...
valueinvestor82 Posted August 14, 2017 Share Posted August 14, 2017 South Coast Plaza buys back its Sears store for $187m http://www.ocregister.com/2017/07/23/south-coast-plaza-reportedly-buys-its-sears-store/ How many more of these sales does Sears have in them? More than anyone gives them credit for. SRG validated, not contradicted, the composition and value of the remaining portfolio of real estate. I've never seen situations as one-sided as AMZN on the bull side or SHLD on the bear side. Link to comment Share on other sites More sharing options...
awindenberger Posted August 14, 2017 Share Posted August 14, 2017 South Coast Plaza buys back its Sears store for $187m http://www.ocregister.com/2017/07/23/south-coast-plaza-reportedly-buys-its-sears-store/ How many more of these sales does Sears have in them? More than anyone gives them credit for. SRG validated, not contradicted, the composition and value of the remaining portfolio of real estate. I've never seen situations as one-sided as AMZN on the bull side or SHLD on the bear side. I'm just getting interested in this story now, so my first question is: Why does Lampert not simply close all the unprofitable stores today? Why go through 4 years of losing $1B+ a year. Link to comment Share on other sites More sharing options...
DCG Posted August 16, 2017 Share Posted August 16, 2017 Why does Lampert not simply close all the unprofitable stores today? Why go through 4 years of losing $1B+ a year. Because, as he's proven repeatedly, he as absolutely no idea what he is doing. Link to comment Share on other sites More sharing options...
doughishere Posted August 20, 2017 Share Posted August 20, 2017 Sears sold 13 props for $248m. 8/2 https://bpy.brookfield.com/en/press-releases/2017/08-02-2017-115005894 Edit: Brookfield Property CEO Kingston on Real Estate, Retail https://www.bloomberg.com/news/videos/2017-08-18/brookfield-property-ceo-on-real-estate-retail-video Link to comment Share on other sites More sharing options...
Matson125 Posted August 20, 2017 Share Posted August 20, 2017 Sears sold 13 props for $248m. 8/2 https://bpy.brookfield.com/en/press-releases/2017/08-02-2017-115005894 Edit: Brookfield Property CEO Kingston on Real Estate, Retail https://www.bloomberg.com/news/videos/2017-08-18/brookfield-property-ceo-on-real-estate-retail-video The properties are owned by Seritage and were sold to GGP. Link to comment Share on other sites More sharing options...
doughishere Posted August 20, 2017 Share Posted August 20, 2017 Sears sold 13 props for $248m. 8/2 https://bpy.brookfield.com/en/press-releases/2017/08-02-2017-115005894 Edit: Brookfield Property CEO Kingston on Real Estate, Retail https://www.bloomberg.com/news/videos/2017-08-18/brookfield-property-ceo-on-real-estate-retail-video The properties are owned by Seritage and were sold to GGP. Whoops thanks! Link to comment Share on other sites More sharing options...
BTShine Posted August 24, 2017 Share Posted August 24, 2017 Big changes for SHLD this quarter. Adjusted EBITDA improved by $124 Million. http://searsholdings.com/press-releases/pr/2056 Is this the inflection point? Link to comment Share on other sites More sharing options...
fareastwarriors Posted August 24, 2017 Share Posted August 24, 2017 Sears to Close Another 28 Kmart Stores as Sales Slump Continues Struggling retailer’s quarterly loss narrows amid efforts to rein in costs https://www.wsj.com/articles/sears-sales-continue-to-slide-1503571881 Link to comment Share on other sites More sharing options...
peridotcapital Posted August 24, 2017 Share Posted August 24, 2017 Big changes for SHLD this quarter. Adjusted EBITDA improved by $124 Million. http://searsholdings.com/press-releases/pr/2056 Is this the inflection point? Hardly seems like it. Adjusted EBITDA is pretty meaningless. Cash burn is actually getting worse: free cash flow for the first half of 2017 was negative $1.2B (vs negative $700M in 1H 2016). And now Eddie is selling the crown jewels. The bulls thought South Coast Plaza was worth far more than what they got for it. Link to comment Share on other sites More sharing options...
benhacker Posted August 24, 2017 Share Posted August 24, 2017 You still in the debt Chad? Link to comment Share on other sites More sharing options...
Mephistopheles Posted August 25, 2017 Share Posted August 25, 2017 Aren't they cutting $1.5 billion in costs this year? And still they manage to burn all that cash..wtf I'm in SSRAP @ben and @chad but thinking of selling as it's moved up a bit Link to comment Share on other sites More sharing options...
benhacker Posted August 25, 2017 Share Posted August 25, 2017 I'm in SSRAP @ben and @chad but thinking of selling as it's moved up a bit Weird situation as always. The SRAC bonds (underlying) are now strongly bid at $49+ across the whole spectrum ($500k face each on the bid). And SSRAP trades for $41. Maybe that discount is right... but not sure. The burn is frustrating for sure... and I agree the story gets worse as it continues... Link to comment Share on other sites More sharing options...
peridotcapital Posted August 25, 2017 Share Posted August 25, 2017 You still in the debt Chad? Yup, but haven't moved any further out from the 2017/2018 maturities. Link to comment Share on other sites More sharing options...
peridotcapital Posted August 25, 2017 Share Posted August 25, 2017 Aren't they cutting $1.5 billion in costs this year? And still they manage to burn all that cash..wtf I'm in SSRAP @ben and @chad but thinking of selling as it's moved up a bit With high fixed costs you have to cut opex just to tread water as sales move down. Plus store closure costs are accelerating as they ramp up lease exits. Plus interest rates of each new debt issue go up. Plus the pension payments are relatively fixed. And on and on and on. They only have so much RE they can sell. I wonder if the HQ in Hoffman Estates will be next. Then you could do a sale leaseback and exclude the rent from adjusted EBITDA like they do with SRG :) Link to comment Share on other sites More sharing options...
rkbabang Posted August 25, 2017 Share Posted August 25, 2017 "Sears Holdings Corp is having trouble stocking shelves, as some vendors have fled while others are demanding stricter payment terms because of difficulties hedging against default risk." https://www.reuters.com/article/us-sears-vendors-insight-idUSKCN1B50E9 Link to comment Share on other sites More sharing options...
Mephistopheles Posted August 25, 2017 Share Posted August 25, 2017 I'm in SSRAP @ben and @chad but thinking of selling as it's moved up a bit Weird situation as always. The SRAC bonds (underlying) are now strongly bid at $49+ across the whole spectrum ($500k face each on the bid). And SSRAP trades for $41. Maybe that discount is right... but not sure. The burn is frustrating for sure... and I agree the story gets worse as it continues... I suppose its because if they go belly up then SSRAP is immediately liquidated, whereas SRAC stands a chance. But that doesn't matter imo because I don't think any of those bonds would end up with much if anything in a bankruptcy. Link to comment Share on other sites More sharing options...
benhacker Posted August 25, 2017 Share Posted August 25, 2017 Well yeah, you know that's my view. Link to comment Share on other sites More sharing options...
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