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Sears Reports A MASSIVE $2.4 Billion 4th Quarter Loss

| Filed under: Business Blitz

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Ouch.

The bad news just keeps on coming for Sears.

On top of closing more than 100 stores, the failing department store reported a $2.4 BILLION loss in the fourth quarter.

Chief Executive Lou D'Ambrosio announced they plan to raise roughly $1 billion by selling 11 stores to General Growth Properties Inc., reducing inventory and spinoff their Hometown outlets through a rights offering.

However, that's not good enough for CIT Group, who said they will no longer fund Sears' vendors "amid uncertainties about the retailer's financial condition".

Sounds like this is going to be an uphill battle for the Sears Holding Corp.

[Image via AP Images.]

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