Sears brings in new leadership
Sears Holdings brings in a new independent director after the company reports another quarterly loss in September.
The company announced that Alan J. Carr, Managing Member and Chief Executive Officer of Drivetrain, LLC, has joined the Board of Directors.
Edward S. Lampert, Chairman and Chief Executive Officer of Sears Holdings, said: "Alan brings deep experience as a director for companies that went through complex organizational change. We are pleased to welcome him to the Board and look forward to the benefit of his expertise as we work to maximize value for the company and its stakeholders."
In September, the company announced a net loss attributable to Holdings' shareholders of $508 million ($4.68 loss per diluted share) for the second quarter, compared to a net loss of $250 million ($2.33 loss per diluted share) for the second quarter of 2017. The company generated total revenues of approximately $3.2 billion during the second quarter of 2018, compared with revenues of $4.3 billion in the prior year quarter, with store closures again significantly contributing to the year over year decline.
According to the company, Carr has significant experience as a principal, investor and advisor leading complex financial restructurings, as well as serving as a director of reorganized businesses in the U.S. and Europe. Carr was previously an attorney at Skadden, Arps, Slate, Meagher & Flom LLP and Ravin, Sarasohn, Baumgarten, Fisch & Rosen.