SEARS’ CFO BLOG: Rob Schriesheim, Sears Holdings Corp.’s chief financial officer, has been blogging on Sears’ site on a regular basis since September, becoming the new voice of Sears on its corporate blog. The last blog by chairman and chief executive officer Edward S. Lampert was back in September.
The cfo’s task, it seems, has been to set the record straight about Sears’ liquidity position, and explaining how each of the company’s actions from rights offering to the sale of assets is helping the company’s objective of “enhancing our financial flexibility and liquidity.”
The latest blog on Tuesday noted that its rights offering for $625 million in senior unsecured notes with warrants was oversubscribed, as was its rights offering earlier this month for up to 40 million shares of Sears Canada Inc. that generated $380 million in cash proceeds. The cfo noted that the company has been able to fund its “peak inventory needs,” adding that all of its “vendor and other obligations are being met in due course.”