Revenue at Scholastic rose 3% in the third quarter ended February 28, over the comparable period a year ago, from $336.2 million to $344.7 million. However, investments to improve the company’s profitability and one-time charges led to a net loss of $49.2 million in the most recent quarter, up from $15.4 million a year ago. Despite the higher loss, Scholastic chairman Dick Robinson said the company’s results were in line with expectations. He noted that Scholastic is upping its per-share earnings forecast for the fiscal year ending May 31.
As the holiday season approaches, the parent company of Sears and Kmart has secured a $250 million lifeline and announced plans on Thursday to shut another 96 stores.
That will leave the business with 182 locations. The financing came from lenders that include owner Eddie Lampert.
Transformco added it is taking the steps to focus on its “competitive strengths.” But it faces “a difficult retail environment and other challenges.”
more at: https://www.cnbc.com/2019/11/07/sears-owner-gets-250-million-lifeline-says-it-will-shut-another-96-stores.html