CrimeMay 03, 2024
Second Suspect Arrested in Murder of Colorado JewelerWheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
MajorsSep 21, 2014
Analysts speculate the end is near for Sears
A $400 million lifeline from its CEO and growing losses have analysts questioning if Sears might be the next big brick-and-mortar retailer to fall.
Hoffman Estates, Ill.--A $400 million lifeline from its CEO and growing losses have analysts questioning if Sears might be the next big brick-and-mortar retailer to fall.
Last week, Sears Holdings Corp., which operates both Sears and Kmart stores, filed an 8-K with the U.S. Securities and Exchange Commission stating that the retailer entered into a $400 million short-term loan with JPP II and JPP LLC, two entities affiliated with ESL Investments Inc., an investment company owned by Sears Chairman and CEO Edward Lampert. The loan is secured by a first-priority lien on 25 pieces of real estate owned by Sears, meaning that Lampert is now a secured lender of Sears.
The $400 million loan is set to mature on Dec. 31 but, as long as there is no evidence of default, can be extended to Feb. 28, 2015, the filing states. Sears will use the loan for general corporate purposes.
Following the filing, a number of retail analysts began calling for the long-struggling retailer to liquidate.
The loss of Sears and Kmart stores would mark another transformation in the brick-and-mortar retail landscape, which, just this year, has seen Sterling Jewelers (Kay Jewelers and Jared the Galleria of Jewelry) and Zale Corp. become one, Hearts on Fire acquired by Chinese mega-retailer Chow Tai Fook, and the continuation of brick-and-mortar chains closing. This year’s closures include Dots and off-price retailer Loehmann’s, which came back but online only.
One Credit Suisse analyst said the loan was a short-term solution to the Sears’ much larger liquidity problems, and stated that recent events at Sears have him singing The End, a reference to the song by The Doors, CNBC reported.
The announcement of Lampert’s short-term loan to his own company comes on the heels of a rough second quarter for the retailer. Same-store sales fell 2 percent for Kmart and essentially were flat for full-line Sears stores.
Total sales fell from $8.9 billion to $8 billion while losses nearly tripled, from $194 million to $573 million.
While it might not be the sexiest place to buy jewelry, Sears and Kmart certainly sell it. Sears Holdings Corp. consistently ranked among the top 10 in the State of the Majors report’s list of $100 Million Supersellers when National Jeweler published it.
More on Majors
The Latest
CollectionsMay 03, 2024
A Sneak Peek Into PGI’s Couture Platinum Spotlight ProgramPGI partnered with four new and seven returning designers for its annual platinum capsule collection.
CollectionsMay 03, 2024
Piece of the Week: A “Bit of LUV” for the DerbyKarina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Brought to you by
Rio’s Reimagined Podcast: For the Love of JewelersMeet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
CrimeMay 02, 2024
4 Indicted in Burglary Ring Targeting Indian, South Asian FamiliesThe men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
Weekly QuizMay 02, 2024
This Week’s QuizTest your jewelry news knowledge by answering these seven questions.
CollectionsMay 02, 2024
Foundrae Launches ‘Horizon’ Collection“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
FinancialsMay 02, 2024
Pandora Raises Guidance After Strong Q1The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
Brought to you by
The Blueprint for Success in Scalable, Personalized Jewelry RetailWith Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
IndependentsMay 02, 2024
Oklahoma Jeweler Glenn Lewis Dies at 68The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
AuctionsMay 02, 2024
Vintage Baume & Mercier With Ties to Elvis Sells for $7K Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
SurveysMay 01, 2024
Consumer Confidence Falls in AprilConcerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
TrendsMay 01, 2024
Amanda’s Style File: All Eyes on EmeraldsMay’s birthstone is beloved for its rich green hue and its versatility.
SourcingMay 01, 2024
Opsydia Names New Sales and Marketing Director Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
CrimeMay 01, 2024
Grand Jury to Hear Case Against Jeweler Charged in Fatal Shove Following IJO ShowLast month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
CollectionsApr 30, 2024
12 Otherworldly Pieces From Tiffany & Co.’s 2024 Blue BookThe “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
MajorsApr 30, 2024
Platinum Guild International Appoints New CEOTim Schlick has been promoted from his previous position as COO.
Events & AwardsApr 30, 2024
Canadian Jewellers Association Brings Back the Summit It’s the second year for the event, slated to take place in October in Toronto.
Recorded WebinarsApr 29, 2024
Watch: Diamond Identification and Evaluation - How to Protect your BusinessSupplier Spotlight Sponsored by GIA
SourcingApr 29, 2024
De Beers to Move Auction HQ from Singapore to BotswanaSales will be paused while the relocation takes place over the next few months.
CollectionsApr 29, 2024
Simone I. Smith Mixes Denim and Diamonds in New Collection“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
IndependentsApr 29, 2024
Venus Jewelers Relocating After 45 YearsThe retailer is moving to a newly designed space in the same shopping center.
SurveysApr 29, 2024
Mother’s Day Jewelry Spending to Reach $7B, Says NRFGifts that are unique and thoughtful are top of mind this year, according to the annual survey.
CollectionsApr 26, 2024
Piece of the Week: Jacquie Aiche’s Starry Galaxy NecklaceThe necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
Events & AwardsApr 26, 2024
AGS Conclave and GIA Symposium Are ConvergingThe two organizations will host a joint event, “Converge,” in September 2025.
SourcingApr 26, 2024
Anglo American Reportedly Shopping De Beers as BHP Eyes Anglo Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
Events & AwardsApr 25, 2024
Alexis Padis Takes Over as AGS Board President Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
