Sears fires back at reports of financial instability
In response to a Bloomberg article about uncertain insurers and a bailing vendor, the retail chain touted its ‘financial flexibility’ in a statement on its blog.
A Bloomberg News report on Wednesday painted a bleak picture of Sears Holdings Corp.’s financial status. The article states that three of the retail company’s insurers are looking to reduce coverage, leading at least one vendor to halt shipments.
Sears, which has suffered quite a bit of bad financial news over the past few years, chose to come swinging back. In a blog post titled “Setting the Record Straight,” the company touted its “financial flexibility.”
It starts:
In response to a misleading article recently published, we want to make sure our vendors and the marketplace know all the facts and understand that Sears Holdings has significant financial flexibility to execute our transformation and meet our obligations.
From there, the unnamed author (the post is credited to “SHC Staff”) lists bullet points regarding the company’s $6.5 billion in store inventory, relationships with vendors, and its history with insurers.
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