Sears Earnings Hurt by Lower Same Store Revenues, Closings

Sears reported a Q3/16 net loss of $748 million, 65% higher compared to last year’s loss of $454 million. Revenues declined to $5.0 billion from $5.8 billion on lower same-store sales and store closings.

Moody’s Downgrades Sears SGL Ratings, Questions Kmart Viability

Moody’s downgraded Sears’ speculative grade liquidity rating to SGL-3 from SGL-2, noting the company will continue to rely on external financing and monetization of assets to fund losses. Moody’s also questioned the viability of the Kmart franchise.

BofA Agents Sears Holdings $1B New Term Loan Facility

Sears Holdings announced that its subsidiaries have borrowed $1 billion under a new a senior secured term loan facility. According to an SEC filing, Bank of America served as agent.