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Struggling department store retailer strikes debt, pension obligations deals
Sears Holdings Corp. has bought itself a little more time with regard to the maturity of some debt. It also has offloaded some of pension liability. The retailer announced on Tuesday it has reached an agreement to repay $100 million of its secured $500 million loan facility at its original maturity in July, and extend the remaining amount until January 2018. The agreement includes an option to extend the maturity for an additional six months, to July 2018.
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DSW turns in mixed performance
Footwear retailer DSW Inc. fell short on earnings in its first quarter, even as it topped sales estimates. Net income fell to $23 million, or 28 cents per share, below analyst expectations, from $30.0 million, or 36 cents a share, in the year-ago period. The company incurred pre-tax charges of $4.1 million, related to its acquisition of Ebuys, restructuring costs and foreign exchange loss assumed in the process of pre-funding the upcoming Town Shoes acquisition.
