Even Black Friday Can't Save Sears -- Here's Why
Times are getting desperate for Sears Holdings Corporation (NASDAQ: SHLD).
Shares of the ailing retailer slipped to an all-time low this week, falling below $4 as concerns about a potential bankruptcy mount. In recent weeks, the company saw Bruce Berkowitz, one of its biggest investors, step down from its board; drew down a $200 million loan faster than expected; lost one of its biggest suppliers, Whirlpool Corporation (NYSE: WHR), over a pricing dispute; and reported a 15.3% decline in comparable sales in the third quarter, ahead of its full earnings report later this month.
Fortunately for Sears, which also owns Kmart, the retail industry's busiest season of the year is right around the corner. Black Friday, so-called because it's retailers' best opportunity to get out of the red ink and into the black, is just next week, followed by Cyber Monday and then four weeks of packed shopping malls as Americans hustle to get all of their Christmas presents in time.
Source: Fool.com
