FINANCE

Orchard Supply spin-off from Sears completed

BY Marianne Wilson

San Jose, Calif. — Orchard Supply Hardware Stores Corp. announced that its spin-off from Sears Holdings Corporation was completed at 11:59 p.m. EST on December 30, 2011. Trading of Orchard’s Class A Common Stock will begin Tuesday on the Nasdaq Capital Market under the symbol “OSH”.

"We look forward to Orchard being an independent publicly traded company,” said Mark Baker, president and CEO of Orchard. During the past year, our team has made significant progress toward developing a differentiated home improvement retail experience. We’re implementing new customer service initiatives and merchandising strategies, and have begun transitioning our stores to a new updated and customer-friendly format that more effectively showcases our merchandise and service offerings.”

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REAL ESTATE

Sears releases partial list of store closings; Florida hit hardest

BY Staff Writer

New York City — Sears Holdings Corp. has identified 79 of the 100 to 120 Sears and Kmart stores it said last week it would close, with the preliminary list split almost evenly between the two chains.

Florida will be hit the hardest, with 11 stores to be shuttered, the Associated Press reported. Ohio, Michigan and Georgia are not far behind with six store closures planned in their states. Tennessee, North Carolina and Minnesota are set to lose four stores each.

The list does not include any stores in Illinois, where Governor Pat Quinn two weeks ago signed into law tax breaks aimed at keeping Sears and other Illinois-based companies from leaving the state.

Click here to see the complete list of the 79 stores.

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J.Walker says:
Apr-27-2013 10:21 pm

Florida will be hit the
Florida will be hit the hardest, with 11 stores to be shuttered, the Associated Press reported. Ohio, Michigan and Georgia are not far behind with six store closures planned in their states. Tennessee, North Carolina and Minnesota are set to lose four stores each rush essays

J.Walker says:
Apr-27-2013 10:21 pm

Florida will be hit the hardest, with 11 stores to be shuttered, the Associated Press reported. Ohio, Michigan and Georgia are not far behind with six store closures planned in their states. Tennessee, North Carolina and Minnesota are set to lose four stores each rush essays

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News

Dismal sales forces Sears Holdings hand

BY CSA STAFF

HOFFMAN ESTATES, Ill. — Sears Holdings last week announced that it will close between 100 and 120 underperforming Sears and Kmart stores, following dismal holiday sales results for the brands.

The company said it has not yet identified which stores will be shuttered, but said that the closures are part of an overall plan to shift its focus from shoring up underperformers to concentrating its efforts on stronger stores.

"Given our performance and the difficult economic environment, especially for big-ticket items, we intend to implement a series of actions to reduce ongoing expenses, adjust our asset base, and accelerate the transformation of our business model," said Louis D’Ambrosio, CEO. "These actions will better enable us to focus our investments on serving our customers."

Sears said that the store closings will generate $140 to $170 million in cash from inventory sales. It anticipates additional proceeds from the sale or sublease of real estate holdings.

The retailer had announced numerous closings this year, but this is the largest group of closings to date.

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