WBEZ | Paul Swinand http://www.wbez.org/tags/paul-swinand Latest from WBEZ Chicago Public Radio en Sears shares jump on news it will sell assets http://www.wbez.org/story/sears-shares-jump-news-it-will-sell-assets-96666 <img typeof="foaf:Image" src="http://llnw.wbez.org/story/photo/2012-February/2012-02-23/5724648433_14b3f00df0_z.jpg" alt="" /><p><p>For once, some good news for people who own stock in Sears Holdings Corporation. No, the company still isn’t profitable, but it’s raising cash by selling off some assets.<br> &nbsp;<br> Shares in the company jumped almost 20 percent after Sears said it’s raising cash – as much as three quarters of a billion dollars.<br> <br> The long struggling retailer is doing that by spinning off some stores into a separate company and selling 11 other stores to General Growth Properties.<br> <br> Morningstar analyst Paul Swinand says the company is trying assuage fears that it's going to go bankrupt.<br> <br> "They’re sort of rattling their sabers a little bit in showing that they can raise money through asset sales," Swinand said.<br> <br> The news that Sears is raising cash helped to blunt some pretty horrible news about its fourth quarter. Chief Executive Lou D’Ambrosio didn't mince words about the company's results on a conference call.</p><p>"Our fourth-quarter earnings were unacceptable," D'Ambrosio said. "We know that and are taking immediate action to address it."<br> <br> Sears lost $2.4 billion, more than $22 a share, in the quarter. According to Bloomberg, it was the company’s biggest loss in almost a decade.</p></p> Thu, 23 Feb 2012 20:40:00 -0600 http://www.wbez.org/story/sears-shares-jump-news-it-will-sell-assets-96666