Kmart parent company Sears Holdings has named William Phelan as acting CFO, replacing Michael Collins, currently SVP and CFO, who resigned last week to pursue another opportunity, the company reported in a Securities and Exchange Commission filing.
Kmart parent company Sears Holdings reported a first-quarter net loss of $170 million, or $1.58 per diluted share, in line with the company's expectations for a net loss in the range of $145 million to $195 million, or between $1.35 and $1.81 per diluted share.
Sears Holdings will host its annual meeting on May 4, and attendees likely will want to know how the company plans to improve sales and return to profitability under the leadership of its new CEO, Lou D’Ambrosio.
Walmart and Sears Holdings have both announced their commitment to helping military members maintain employment when moving from one community to another.
Following the success of its 13-store test in 2010, Sears has announced that it now is expanding its in-store cosmetic departments to more than 100 stores and online.
Mass merchandiser Kmart had sales of $4.99 billion during fourth quarter 2010 and $15.6 billion for the year as a whole, according to an earnings statement released Thursday by parent company Sears Holdings.
