Bank of America Won’t Renew Sears Credit Agreement
Hoffman Estates, Ill. Sears Holdings Corp. said in a filing with the Securities and Exchange Commission on Friday that Bank of America will not renew its $1 billion long-term credit amendment under its existing terms. The agreement is scheduled to end in July. As of Friday, only $1.6 million in letters of credit were outstanding under that agreement, according to Sears.
Sears said most of its outstanding credit is issued under its $4 billion, five-year revolving credit facility which expires March 2010, which has a $1.5 billion letter of credit sublimit.
The company said it is now using its second letter of credit so the termination will not have any effect on its liquidity.
Banks are tightening credit lines to retailers amid a weakening economy. On Tuesday, HSBC and Bank of America said they will either cancel or not renew lines of credit to women’s apparel retailer Talbots Inc.
Report: Talbots expects loss in ’08
NEW YORK According to reports, Talbots is expected to report a net loss of 7 cents to 17 cents per share for 2008, after discontinued operations, and revenue growth of 3%.
In addition, according to reports the company is expecting a drop in same-store sales in 2008.
Meijer promotes non-invasive plants for Earth Day
GRAND RAPIDS, Mich. Meijer has partnered with The Nature Conservancy and to encourage shoppers to select non-invasive plants, trees and shrubs for their backyards. In order to promote the program, the company is hosting a special Earth Day open house on April 26 at all 181 Meijer stores throughout the Midwest.
“Invasive species can wreak havoc on local ecosystems by disrupting the delicate balance found in nature,” said Helen Taylor, Michigan state director for The Nature Conservancy. “This ongoing partnership between Meijer and The Nature Conservancy will hopefully help to reduce some of the damage done by invasive species by giving consumers the information they need to help their local environment.”
According to Meijer, visitors to the stores on April 26 will be able to learn about environmentally friendly products such as non-invasive plants recommended by The Nature Conservancy. In addition Meijer representatives will provide information on how to make a more earth-friendly garden.