Sears’ CFO Call NY Post Article “Factually Inaccurate” by Todd Sullivan, ValuePlays
Below would be the reason whenever something comes from the NY Post I say “it may be true but consider the source………”
The post also said both J C Penney Company Inc (NYSE:JCP) and American Apparel Inc (NYSEMKT:APP) (among others) were imminently going under….. neither happened. Predicting Chapter 11 (true or not) seems to be their niche
The following letter was sent to the editor of the New York Post on Monday, Sept. 29, to establish the truth after a factually inaccurate article ran last Friday, Sept. 26. We’re posting it the blog to make sure people can read the facts even if the Post fails to publish them. We think the truth deserves a public outlet more than sensational and irresponsible reporting that misleads readers.
To the Editor:
The Sept. 26 article by James Covert regarding Sears Canada Inc (TSE:SCC) is premised on a complete falsehood. Given the inaccurate and severely one-sided reporting, Sears Holdings has to publicly set the record straight.
Let us be very clear: Sears Canada Inc (TSE:SCC) has NOT reached out to restructuring advisers. The business has no debt and ample liquidity to fund its operations As of the end of the second quarter the company reported that it had $233 million of cash and no term debt nor any borrowings on its revolving credit facility. The Post owes its readership accuracy, not sensationalism. It is incumbent upon the Post to question the motivation of the anonymous “sources” on which this entire article is based, especially when both Sears Holdings Corp (NASDAQ:SHLD) and Sears Canada told the Post reporter that the claims are completely unfounded.
Executive Vice President and Chief Financial Officer
Sears Holdings Corporation