Sears Holdings Corp.'s second-quarter earnings beat the Street as it benefitted from cost-saving initiatives. But it continued to struggle with weak traffic and declining sales, and added 28 more locations to its long list of store closings. Sears reported that its second-quarter loss narrowed to $251 million, or $2.34 per share, in the quarter ended July 29, helped by cost savings resulting from the streamlining of operations and store closings. Losses, adjusted for one-time gains and costs, came to $1.16 per share. Analysts had expected a loss of $2.48 per share. Revenue fell 23% to a better-than-expected $4.37 billion in the period. Same-store sales were down 11.5%, worse than the expected 7.1% decline. Click Read More below for more of the story.
Midland Paper, Packaging & Supplies (http://www.midlandpaper.com/), one of the nation’s largest independently-owned fine paper and packaging distributors, announced today that it has appointed David Goldschmidt as President of its Midland National division. Prior to this Goldschmidt was a Senior Vice President of Midland National. Goldschmidt will report to Jim O’Toole, who previously held the position of President, Midland National, and now has been promoted to corporate Executive Vice President, Publishing and Consulting.
Midland National specializes in the sale of publication paper to book publishers, catalog and direct mail companies, retail companies, and large publication printers. Midland National works in close conjunction with Midland’s new consulting division, CohereOne, which serves multichannel retailers.
“Midland National is Midland’s largest division, and is a critically important part of Midland’s business portfolio. Given Dave’s success as an integral part of Midland National’s leadership team over the years, this transition should be seamless”, commented O’Toole. “Dave is an exceptional leader, and has earned the respect of his fellow employees, customers, and suppliers. He will undoubtedly be successful in this new leadership role, just as he has been successful in everything he has done at Midland”.
“At Midland National, we are extremely optimistic about the future of the printing market. We have an experienced, client-focused team in place, along with proven, long-standing supplier relationships. We continue to evolve with forward-thinking strategies to increase the value we provide our clients. I look forward to continuing to build on National’s success in the market, and I feel privileged and grateful for the opportunity to work with such quality people”, said Goldschmidt.