Sears Delays Quarterly Results Until After Market Close
(Bloomberg) -- Sears Holdings Corp., the troubled retail chain, put off the scheduled release of its second-quarter results Thursday until after the market closes, according to a person with knowledge of the matter.
Sears originally expected to publish its report before the market opened in New York. The shares fell as much as 9 percent after trading began without an explanation for the delay, before retracing most of the lost ground. The person wasn’t authorized to speak publicly and asked not to be identified.
The Sears presentation was to include a pre-recorded call and audio webcast with remarks from Chief Financial Officer Robert Riecker.
Chief Executive Officer and largest shareholder Edward Lampert has been using his own funds to help craft a series of transactions designed to keep Sears afloat. He’s proposing to use his hedge fund ESL Investments Inc. to buy the store’s Kenmore and Sears Home Improvement business. The 125-year-old chain, based in Hoffman Estates, Illinois, has closed hundreds of stores and cut more than $1 billion in expenses.
Representatives for Sears and ESL couldn’t immediately provide comment. The shares were down 1.5 percent to $1.31 at 11:18 a.m. in New York.
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