Sears’ (SHLD) CFO Call NY Post Article “Factually Inaccurate”

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 Truth About Sears Canada: What the New York Post Failed to Tell Its Readers

This Tiger Cub Giant Is Betting On Banks And Tech Stocks In The Recovery

D1 CapitalThe first two months of the third quarter were the best months for D1 Capital Partners' public portfolio since inception, that's according to a copy of the firm's August update, which ValueWalk has been able to review. Q2 2020 hedge fund letters, conferences and more According to the update, D1's public portfolio returned 20.1% gross Read More

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.


Robert Schriesheim
Executive Vice President and Chief Financial Officer
Sears Holdings Corporation