CHICAGO, Oct 5 (Reuters) – Sears Holdings Corp.’s
deepening financial troubles have forced insurers and banks to
raise the cost of guaranteeing payment to vendors, rattling the
retailer’s supply chain as the company heads into the key
The move by these financial intermediaries — in an opaque
but vital quarter of the retail business where makers of goods
ranging from apparel to TVs seek to insure they get paid –
comes in the wake of unusual steps Sears has taken to raise cash
for operations. In the past three weeks, the retailer twice has
turned to its billionaire CEO Eddie Lampert’s hedge fund for a
cash infusion — first as the anchor on a $400 million loan and
then again Thursday as a buyer for most of its stake in the
ailing Sears Canada. Sears aims to raise $380 million
with that deal.
Oct 2 (Reuters) – Sears Holdings Corp is turning to
its chief executive for cash for the second time in three weeks
in a sign that its efforts to sell off assets are coming up
The retailer announced Thursday that it would raise up to
$380 million by lowering its stake in Sears Canada to
12 percent from 51 percent through a rights offering. It said
Chief Executive Eddie Lampert and his hedge fund, which together
own 48.5 percent of Sears Holdings, would buy about half of the
TORONTO/CHICAGO, Sept 25 (Reuters) – The turnaround
specialist who had signed on to run Sears Holdings Corp’s
Canadian business is resigning for personal reasons,
the struggling U.S. retailer said on Thursday, the same day a
major shareholder said it was no longer interested in
contributing to a loan.
Chief Executive Officer Douglas Campbell will resign by the
end of 2014 to tend to family matters, said Sears Canada, which
is majority owned by Sears Holdings. Campbell had taken the helm
of the unit just a year earlier.
TORONTO/CHICAGO, Sept 25 (Reuters) – Department store chain
Sears Canada Inc, which has had six consecutive years
of declining revenue, said on Thursday that Chief Executive
Douglas Campbell will resign by the end of this year so that he
can tend to family matters.
Sears Canada, which is majority-owned by Sears Holdings Corp
, is facing intense competition and has seen its market
share erode for years.
By Nandita Bose and Nathan Layne
(Reuters) – Home Depot Inc said on Tuesday it was working with law enforcement to investigate “some unusual activity” related to customer data but that it could not confirm if it had become the latest retailer to be hit by a large-scale security breach.
Shares of the home improvement chain closed 2 percent lower at $91.15 on the news, which highlights growing scrutiny of data security in the retail industry following a massive breach at Target Corp last year.
TOKYO, July 16 (Reuters) – A Tokyo judge on Wednesday handed
a former Deutsche Bank salesman a suspended prison sentence for
bribing a pension fund official with dinners and golf outings,
and said more senior officials at the bank had “tacitly
condoned” the practice.
Akira Ando, the judge overseeing the case at the Tokyo
District Court, gave Shigeru Echigo, who worked at the Japanese
investment arm of Deutsche Bank, a 10-month prison sentence,
suspended for three years.
TOKYO, July 16 (Reuters) – A former Deutsche Bank salesman
in Tokyo was handed a suspended prison sentence on Wednesday for
bribing a pension fund official in a case that has put a
spotlight on the compliance practices of the Japanese arm of
Germany’s largest bank.
In a ruling at the Tokyo District Court, Shigeru Echigo was
given a 10-month prison sentence, suspended for three years.
Suspended sentences are common in Japan for white-collar crimes,
although the prosecution had sought imprisonment of one year.
TOKYO, June 26 (Reuters) – Caesars Entertainment Corp
will likely agree to a debt restructuring with
bondholders within a year and should have no problem financing a
foray into the Japanese market, the debt-strapped casino
operator’s chief executive said on Thursday.
Gary Loveman said he believed Caesars’ finances – its debt
carries a speculative grade rating – would not put it at a
disadvantage as it seeks a licence in Japan, where a bill to
legalise casinos could be put to a vote in parliament this year.
TOKYO, June 17 (Reuters) – A former Deutsche Securities
salesman in Tokyo said he was told to hide evidence of
entertaining public pension officials, and that an executive who
in 2013 became head of the investment bank in Japan had been
informed of the potentially illegal practice.
Shigeru Echigo, the former salesman, told a court hearing in
Tokyo on Tuesday that entertaining pension fund officials was a
widespread practice within the bank and made new claims of how
high up knowledge of the practice had climbed.
TOKYO, June 16 (Reuters) – A pattern of spending on hostess
bars and overseas junkets for local pension fund officials went
unchecked by senior managers at Deutsche Bank’s
Japanese securities arm, who failed to prevent or turned a blind
eye to expenses that could be prosecuted as bribery, previously
undisclosed details of a regulatory investigation show.
Deutsche Securities was ordered by Japan’s Financial
Services Agency in December to bolster its compliance after the
Securities and Exchange Surveillance Commission (SESC) found it
spent the equivalent of almost $62,000 to entertain officials at
three pension funds between 2010 and 2012.