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financial

In Brief: Sears Restructuring... Kellwood Extends Deadline

Less than a week after announcing a dismal fourth-quarter forecast, Sears Holdings Corp. said this weekend it plans to reorganize its different businesses into separate units, each with a leader overseeing the respective business.

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SEARS RESTRUCTURING: Less than a week after announcing a dismal fourth-quarter forecast, Sears Holdings Corp. said this weekend it plans to reorganize its different businesses into separate units, each with a leader overseeing the respective business. "We are introducing an organizational structure that provides operating businesses with greater control, authority and autonomy. Each operating business unit will have a designated leader and an advisory group comprised of senior Sears Holdings executives to provide direction and oversee the business unit's performance," the company said in an e-mailed statement. Details of the restructuring, including which businesses will turn into units, were not specified.

KELLWOOD EXTENDS DEADLINE: Kellwood Co. is extending its deadline to Jan. 30 from Jan. 23 in its cash tender offer to buy back up to $60 million of its 7.875 percent notes due 2009. The $1.6 billion apparel company is extending the deadline given the unsolicited tender offer of $21 a share (or approximately $762 million, plus debt) by an affiliate of Sun Capital Securities Group. Kellwood said it would respond to the private equity firm's offer on Jan. 29. Sun Capital has said it would lower its bid to $19.50 a share if Kellwood does not terminate its $60 million tender offer — a move Sun Capital asserts is ill advised and reduces equity value.
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