Business Services Industry
Sears' finances show soft side.(News)(Sears Roebuck and Co.)(Company Profile)
Crain's Chicago Business, March, 2003 by Jones, Sandra
Byline: SANDRA JONES Operational problems are turning into financial woes for Sears, Roebuck and Co. Sears' inability to stem the long-term decline of its stores and to cap rising delinquencies in its credit card portfolio has begun to erode the financial underpinnings of the Hoffman Estates-based company.
Sears' debt is rising. Its credit ratings are falling. Lenders are requiring the company to pay more to borrow money. Cash flow is under pressure. And $4.7 billion in debt comes due this year. To gauge just how tough it's gotten at Sears, look no further than the company's latest bank deal. Sears failed to secure a long-term loan to replace an expiring $4.4-billion, five-year credit line and late last month had to settle for a $3.5-billion, one-year...
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