The $28.5M transaction is for four Sears locations, which also have adjacent Sears Auto Centers.
The improvement is due in part to the closure of unprofitable stores in 2017, and net profits are helped by a benefit from tax reform.
The layoffs are part of the company’s restructuring efforts.
Even with potential annual cash interest savings of $100M, Fitch still expects the annual cash burn rate to hit $1.2B in 2018.
The chairman said financial maneuvers, if successful, should reassure vendors of the company’s viability.
The company is also hoping to raise another $200M to enhance its liquidity.
Liquidation sales are slated to begin Jan. 12.
Malls have obstacles to overcome in 2018, not the least of which is attracting shoppers.
The winners and losers of third-quarter earnings, according to WWD.
The department store is allegedly suffering from an “alarming” rate of short-selling.