Sears Holdings Corp reported its first quarterly profit in nearly two years, sending shares soaring by as much as 20% Thursday morning.
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Everyone is missing a critical point about Sears' first quarter profit (SHLD)
Sears profit was a direct result of the sale of its Craftsman brand. The retailers' core business is showing no signs of rebounding.
A customers enters the Sears store in North Vancouver, British Columbia
Specifically, the company negotiated a deal to delay a majority of its repayment for a $500 million secured loan facility until January, with the option to extend that deadline by another six months.
The repayment was originally due in July. Sears will now pay $100 million in July, instead of the full amount.
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