New User:

-or-
Username:
Password:
Forgot your password?

Stock Market & Financial Investment News

News Breaks
April 5, 2014
19:03 EDTLE, SHLDSears completes Land's End spin-off, receives $500M in gross proceeds
Sears Holdings (SHLD) announced that its pro-rata spin-off of Lands' End (LE) from Sears Holdings closed on April 4. Lands' End has now been separated from Sears Holdings and its common stock is expected to begin regular-way trading on the Nasdaq Capital Market under the symbol LE on April 7. Sears Holdings will continue to be listed on the Nasdaq Global Select Market under the symbol SHLD. Sears Holdings received aggregate gross proceeds from the spin-off of $500M, consisting of a cash dividend paid by Lands' End prior to the spin-off to a subsidiary of Sears Holdings. In the spin-off, Sears Holdings distributed a total of approximately 32M shares of Lands' End common stock to the holders of Sears Holdings common stock as of 5:30 p.m. Eastern time on March 24, the record date. Each share of Sears Holdings common stock outstanding as of the record date entitles the holder thereof to receive 0.300795 shares of Lands' End common stock, except that holders of Sears Holdings' restricted stock that was unvested as of the record date will receive cash awards in lieu of shares. In addition, as part of the spin-off, Lands' End entered into an asset-based senior secured revolving credit facility, which provides for maximum borrowings of approximately $175M with a letter of credit sub-limit, and a senior secured term loan facility of approximately $515M. The proceeds of the term loan facility were used to pay the $500M dividend to the Sears Holdings subsidiary and to pay fees and expenses associated with the foregoing facilities of approximately $10M, with the remaining proceeds to be used by Lands' End for general corporate purposes.
News For SHLD;LE From The Last 14 Days
Sign up for a free trial to see the rest of the stories you've been missing.
January 28, 2015
11:16 EDTLELand's End management to meet with Craig-Hallum
Meeting to be held in Dodgeville, WI on February 2 hosted by Craig-Hallum.
11:03 EDTSHLDSears reduces headcount at corporate locations, Chicago Tribune says
Subscribe for More Information
January 27, 2015
06:06 EDTSHLDSears Holdings volatility increases, shares in tight two-month price range
Subscribe for More Information
January 22, 2015
12:28 EDTLEOn The Fly: Midday Wrap
Subscribe for More Information
09:46 EDTLELand's End plunges on weaker Q4 and FY14 view, levels to watch
Subscribe for More Information
09:16 EDTLEOn The Fly: Pre-market Movers
Subscribe for More Information
06:51 EDTLELand's End sees FY14 Merchandise sales and services $1.56B-$1.57B
Subscribe for More Information
06:50 EDTLELand's End sees Q4 EPS $1.06-$1.16, one estimate $1.38
Sees Q4 Merchandise sales and services $505M-$515M; Merchandise sales and services, net in the Direct segment are expected to decrease slightly to between $434 million to $442 million for the fourth quarter. Adjusted EBITDA is expected to be in the range of $66 million to $71 million in the fourth quarter of fiscal 2014. Gross margin is expected to be between 43.8% and 44.0% in the fourth quarter.
January 21, 2015
12:12 EDTSHLDBest Buy, home retailers seen getting biggest bump from Sears demise
Subscribe for More Information
January 20, 2015
12:01 EDTSHLDOverstock.com to appeal patent infringement case
Subscribe for More Information

Sign up for a free trial to see the rest of the stories you've been missing.

I agree to the theflyonthewall.com disclaimer & terms of use