Whoever was in a store during that period saw this first hand, and don’t need to hear it from a company official. It was all pretty clear. Even more at the rate that Sears is burning money not even a perfect holiday season would have made a difference.
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Lost $69 million during the November December peiod. Includes closing stores and people shopping at Sears/Kmart because they think all the stores are closing and this might be their last chance.
What does this tell you?
Point is, this company still is losing money and is only going to be worse under Eddie.
A relatively small loss for the quarter in bankruptcy is actually pretty good. People tend to steer clear of bankrupt retailers; to attract enough sales in that situation to keep losses under 5% of sales is actually a relatively strong showing.
Even if you don't factor in the BNKY cost, Sears still lost money.
From the CNN article:
"The company lost $318 million in November and December, according to financial results filed by the company.
Much of the losses came from bankruptcy reorganizaton, which cost about $249 million across the two months. But even without the bankruptcy costs, the struggling retailer lost about $69 million during the two-month period".
As a side note, I know for a fact they included closing stores liquidation sales in the total company sales. Without liquidation numbers it would have been really bad.
Hopefully once this bk stuff is over with and left with all good stores and no debt, next holiday season should be a real tail-wagger.
they made no money after subtracting the BK costs
Here is a thought, the avg closing stire makes about 500k in profit that’s roughly 70 million in pure profit the 140 the closing made.
Other than the fact that without the BK costs (DIP interest mainly), SHC did manage to squeeze out a couple mil in profit? Without borderline liquidating the company SHC was not under any circumstances going to show a profit for Nov./Dec. The costs of the BK alone were too much for that to happen.