writes:
Concern that Sears Holdings Corp. (SHLD) is running out of ways to halt a sales slump has driven bearish bets on the unprofitable retailer to a record.
The department-store chain that is reeling from nine straight quarterly losses has tumbled 32 percent from a high in May. The cost of bearish options versus bullish ones is near an all-time high reached this month, even as the company said it will generate cash by selling shares in Sears Canada Inc.
Shrinking sales and increasing losses have pushed Chief Executive Officer Edward Lampert, who is also Sears?s largest shareholder, into selling assets to raise cash. That strategy is nearing its end, and there are few signs the company will be able to turn around its operations, according to Matt McGinley of International Strategy & Investment Group.
?They?ve been burning furniture to stay warm,? McGinley said by telephone from New York. ?Now they?re down to the last handful of things they can sell. We?re probably closer to the end at this point than we?ve been in a long time.?
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