Steep third-quarter losses drove Sears Holding Corp.’s stock down 19.1 percent to $47.32 by 1:00 p.m. today on Wall Street, where the general sentiment toward retailers was more bullish.
Late Thursday, Sears said its net losses for the three months totaled $498 million, although adjusted losses before interest, taxes, depreciation and amortization narrowed versus a year ago to $156 million. After losing market share for years, Sears is trying to reinvent itself, focusing on the Shop Your Way membership program that spans that bridges the Web and the firm’s stores. More than half of Sears and Kmart’s revenues come from Shop Your Way members.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"