Sears Canada Inc SRSCQ

Debt deal posted on sedar

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Shares have come down hard for no apparent reason other than a motivated seller.  Interestingly they are paying LIBOR rates for th $300 raise they just did.  This is not junk debt so the debt holder who is sophisticated KKR must feel OK about the future otherwise they would have charged a much higher premium on this debt.

[freckled]

Still a billion dollars in assets, and not a whole lot of debt. Still, the company has not made an operating profit for years. Noncurrent assets 1.3 billion in 2013. Last report it was 239 million. They are out of real estate to sell to generate cash flow. Lampert bled the company dry a few years ago with his obsene and unwarranted huge cash dividends. Calvin Macdonald was the only CEO that really

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As the last remaining bull on this one cant disagree with most of what you say here frekled except that the current guy Stranzl appears to be different.  Growth in same store sales should not be discounted so quickly.  He did put in place financing deal with Goeasy and part of the $300 million raise was for Sears Canada to fund big ticket purchases so getting back into financing which