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Posted on Jul 24, 2024

For the Sears Company, provide a brief detail how the company remains open after burning through over $6 billion in cash over four years just

For the Sears Company, provide a brief detail how the company remains open after burning through over $6 billion in cash over four years just to keep the doors open

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Feb. 01, 2014 Feb. 02, 2013 Jan. 28, 2012 12 Months Ended Jan. 29, Jan. 30, Jan. 31, 2011 2010 2009 2008 2007 2006 2005 (1,116) (1,054) (3,147) 150 297 99 826 1,492 858 1,106 (1,054) (3,120) 237 1,798 900 926 1,049 1,143 932 27 720 (97) 732 233 (667) (169) (426) 830 330 (468) 853 649 (64) 981 360 (39) (946) (28) (67) (316) (74) (209) (51) (286) (38) (277) (82) (413) (311) (593) (390) 15 (3) 455 (88) 60 (64) Consolidated Statements of Cash Flows (USD $) Jan. 28, Jan. 30, Jan. 31, In Millions 2017 2016 2015 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) (2,221) (1,128) (1,810) (Income) loss from discontinued operations, net of tax Income (loss) from continuing operations Adjustments to reconcile net income to net cash provided by operating activities: Deferred tax valuation allowance 836 217 835 Tax benefit resulting from Other Comprehensive Income allocation (71) Depreciation and amortization 375 422 581 Impairment charges 427 274 63 Gain on sales of assets (247) (743) (207) Gain on sales of investments (105) Pension and post-retirement plan contributions (334) (450) Mark-to-market adjustments of financial instruments 66 Pension and postretirement plan settlements Amortization of deferred gain on sale-leaseback (52) Amortization of debt issuance costs and accretion of debt discount 81 Settlement of Canadian dollar hedges Other gains Change in operating assets and liabilities (net of acquisitions and dispositions): Deferred income taxes (987) (519) (719) Merchandise inventories 1,213 (229) 1,091 Merchandise payables (526) (528) Income and other taxes 80 (95) (110) Mark-to-market asset on Sears Canada U.S. dollar collar contracts Other operating assets (52) (66) Other operating liabilities 118 (136) (5) Net cash provided by operating activities (1,381) (2,167) (1,387) CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of businesses, net of cash acquired Proceeds from sales of property and investments 386 2,730 424 Net decrease increase) in investments and restricted cash Purchases of property and equipment (142) (211) (270) De-consolidation of Sears Canada cash (207) Proceeds from Sears Canada rights offering 380 Cash settlement of swaps Net cash provided by (used in) investing activities-discontinued operations Net cash used in investing activities 244 2,519 327 (12) (15) (42) (92) 101 58 (441) 446 (230) (20) (366) (264) 90 188 (84) 66 93 (541) 263 (835) (140) (240) 597 (43) 251 66 208 (71) (53) (47) 63 (35) (206) 427 (117) (63) 1 (100) 40 (303) (533) 545 (134) (50) 2 - 67 102 (275) 272 101 65 48 (197) (385) 1,003 (389) (173) (74) 207 (236) 992 54 44 35 (62) (210) 4 140 130 445 1,547 222 152 1,428 366 2,298 100 (90) 1,068 (1,109) 1,507 (37) 86 - 72 (283) 141 995 35 (1,020) 2,201 532 95 562 (2) 37 23 166 (361) (30) (189) (497) (329) (378) (432) (441) (570) (508) (546) (230) (352) 68 (10) 43 664 191 (309) (406) (172) (637) (437) (660) 635 332 13 2,028 (66) (797) 1,025 (80) (1,117) (1,405) 583 994 (83) 238 5 (335) (81) 100 347 104 (611) 815 1,452 (486) 35 17 (262) 280 (335) (117) 3 (672) 68 (53) 524 (875) (83) 176 (577) (414) 515 (31) (27) (51) (50) (14) (2) (27) CASH FLOWS FROM FINANCING ACTIVITIES Stock issued under executive compensation plans Proceeds from debt issuances Repayments of long-term debt Increase (decrease) in short-term borrowings, primarily 90 days orl Sears Hometown and Outlet Stores, Inc. pre-separation funding Proceeds from the sale of Sears Hometown and Outlet Stores, Inc. Lands' End, Inc. pre-separation funding Separation of Lands' End, Inc. Debt issuance costs Purchase of Sears Canada shares Sears Canada dividends paid to minority shareholders Purchase of treasury stock Sale leaseback Other Net cash used in financing activities Effect of exchange rate changes on cash and cash equivalents NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR CASH AND CASH EQUIVALENTS, END OF YEAR (3) (10) (50) (35) (43) (81) (7) (30) (603) (69) (394) (233) (735) (590) (424) (678) (2,926) 88 (816) 71 508 (183) 47 (75) (28) 1,185 (364) (53) 48 285 (3) (778) 1,028 250 902 (38) 419 609 1,028 (12) 250 238 (27) 1 (138) 747 609 (95) 57 (314) 1,689 1,375 (612) 1,359 747 (951) 132 516 1,173 1,689 (643) (161) (449) 1,622 1,173 215 (1,952) 24 1,005 3,435 4,440 (3,439) 112 (2,217) 3,839 1,622 (1,252) (16) (500) 4,339 3,839 238 286 1,347 2,088 3,435 6 45 31 61 SUPPLEMENTAL INFORMATION: Capital lease obligation incurred Supplemental Cash Flow Data: Income taxes paid, net of refunds Cash interest paid Unpaid liability to acquire equipment and software Non-cash dividend in connection with Spin-Off transactions 21 23 275 18 45 252 27 119 230 25 206 41 40 199 30 (542) Feb. 01, 2014 Feb. 02, 2013 Jan. 28, 2012 12 Months Ended Jan. 29, Jan. 30, Jan. 31, 2011 2010 2009 2008 2007 2006 2005 (1,116) (1,054) (3,147) 150 297 99 826 1,492 858 1,106 (1,054) (3,120) 237 1,798 900 926 1,049 1,143 932 27 720 (97) 732 233 (667) (169) (426) 830 330 (468) 853 649 (64) 981 360 (39) (946) (28) (67) (316) (74) (209) (51) (286) (38) (277) (82) (413) (311) (593) (390) 15 (3) 455 (88) 60 (64) Consolidated Statements of Cash Flows (USD $) Jan. 28, Jan. 30, Jan. 31, In Millions 2017 2016 2015 CASH FLOWS FROM OPERATING ACTIVITIES Net income (loss) (2,221) (1,128) (1,810) (Income) loss from discontinued operations, net of tax Income (loss) from continuing operations Adjustments to reconcile net income to net cash provided by operating activities: Deferred tax valuation allowance 836 217 835 Tax benefit resulting from Other Comprehensive Income allocation (71) Depreciation and amortization 375 422 581 Impairment charges 427 274 63 Gain on sales of assets (247) (743) (207) Gain on sales of investments (105) Pension and post-retirement plan contributions (334) (450) Mark-to-market adjustments of financial instruments 66 Pension and postretirement plan settlements Amortization of deferred gain on sale-leaseback (52) Amortization of debt issuance costs and accretion of debt discount 81 Settlement of Canadian dollar hedges Other gains Change in operating assets and liabilities (net of acquisitions and dispositions): Deferred income taxes (987) (519) (719) Merchandise inventories 1,213 (229) 1,091 Merchandise payables (526) (528) Income and other taxes 80 (95) (110) Mark-to-market asset on Sears Canada U.S. dollar collar contracts Other operating assets (52) (66) Other operating liabilities 118 (136) (5) Net cash provided by operating activities (1,381) (2,167) (1,387) CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of businesses, net of cash acquired Proceeds from sales of property and investments 386 2,730 424 Net decrease increase) in investments and restricted cash Purchases of property and equipment (142) (211) (270) De-consolidation of Sears Canada cash (207) Proceeds from Sears Canada rights offering 380 Cash settlement of swaps Net cash provided by (used in) investing activities-discontinued operations Net cash used in investing activities 244 2,519 327 (12) (15) (42) (92) 101 58 (441) 446 (230) (20) (366) (264) 90 188 (84) 66 93 (541) 263 (835) (140) (240) 597 (43) 251 66 208 (71) (53) (47) 63 (35) (206) 427 (117) (63) 1 (100) 40 (303) (533) 545 (134) (50) 2 - 67 102 (275) 272 101 65 48 (197) (385) 1,003 (389) (173) (74) 207 (236) 992 54 44 35 (62) (210) 4 140 130 445 1,547 222 152 1,428 366 2,298 100 (90) 1,068 (1,109) 1,507 (37) 86 - 72 (283) 141 995 35 (1,020) 2,201 532 95 562 (2) 37 23 166 (361) (30) (189) (497) (329) (378) (432) (441) (570) (508) (546) (230) (352) 68 (10) 43 664 191 (309) (406) (172) (637) (437) (660) 635 332 13 2,028 (66) (797) 1,025 (80) (1,117) (1,405) 583 994 (83) 238 5 (335) (81) 100 347 104 (611) 815 1,452 (486) 35 17 (262) 280 (335) (117) 3 (672) 68 (53) 524 (875) (83) 176 (577) (414) 515 (31) (27) (51) (50) (14) (2) (27) CASH FLOWS FROM FINANCING ACTIVITIES Stock issued under executive compensation plans Proceeds from debt issuances Repayments of long-term debt Increase (decrease) in short-term borrowings, primarily 90 days orl Sears Hometown and Outlet Stores, Inc. pre-separation funding Proceeds from the sale of Sears Hometown and Outlet Stores, Inc. Lands' End, Inc. pre-separation funding Separation of Lands' End, Inc. Debt issuance costs Purchase of Sears Canada shares Sears Canada dividends paid to minority shareholders Purchase of treasury stock Sale leaseback Other Net cash used in financing activities Effect of exchange rate changes on cash and cash equivalents NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR CASH AND CASH EQUIVALENTS, END OF YEAR (3) (10) (50) (35) (43) (81) (7) (30) (603) (69) (394) (233) (735) (590) (424) (678) (2,926) 88 (816) 71 508 (183) 47 (75) (28) 1,185 (364) (53) 48 285 (3) (778) 1,028 250 902 (38) 419 609 1,028 (12) 250 238 (27) 1 (138) 747 609 (95) 57 (314) 1,689 1,375 (612) 1,359 747 (951) 132 516 1,173 1,689 (643) (161) (449) 1,622 1,173 215 (1,952) 24 1,005 3,435 4,440 (3,439) 112 (2,217) 3,839 1,622 (1,252) (16) (500) 4,339 3,839 238 286 1,347 2,088 3,435 6 45 31 61 SUPPLEMENTAL INFORMATION: Capital lease obligation incurred Supplemental Cash Flow Data: Income taxes paid, net of refunds Cash interest paid Unpaid liability to acquire equipment and software Non-cash dividend in connection with Spin-Off transactions 21 23 275 18 45 252 27 119 230 25 206 41 40 199 30 (542)