Forward Looking Statements This blog contains forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about our strategic restructuring program and anticipated results of strategic initiatives, our transformation through our integrated retail strategy, our plans to redeploy and reconfigure our assets, our plans to market and sell a portion of our existing real estate assets, our liquidity, our ability to exercise financial flexibility as we meet our obligations and pursue possible strategic transactions, and other statements that describe the Company’s plans.
Whenever used, words such as “will,” “expects,” “intends,” and other terms of similar meaning are intended to identify such forward-looking statements.
We will of course have a lot of work to do to prove we can deliver on our plans.
In addition, while exaggerated by some in the media, various vendors and other providers to the Company have taken or threatened actions that have had a major impact on our operations and liquidity.
Sears Holdings has valuable assets that can be harnessed to create value in the future, but it requires a more stable environment and more cooperative partners.
While closing these stores may negatively impact our sales, our actions are aimed at returning the Company to profitability.
Furthermore, we expect to generate a significant amount of cash from the liquidation of the inventory and related assets of these stores.
We continue to seek additional alternatives for these brands and major assets and have been in discussions with various parties to that end.
When implemented, the initiatives we are announcing today will represent an important forward step for Sears Holdings – one that will strengthen our financial position and sharpen our operating focus.
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If we successfully complete the financing transactions we are contemplating, we will materially improve the financial strength and operating focus of Sears Holdings and provide meaningful reassurance of our viability to our vendors and business partners.