CFO of Sears Blogs In Reply To Wall Street Journal's Article

The CFO of the company believes that they are in a good position to not cut off on the pension plans no matter where the sales take them.

According to the most recent Sears Holdings news, it was seen that even though the company official do not comment on the activities of the management quite that often, it cannot be said that they are unaware of what the press chooses to say about them. Recently, a journalist of the Wall Street Journal posted an article regarding the fact that the retail store’s pension plans might get affected by the unsatisfactory results on the sales that it has been recently witnessing. CFO Rob Schreisheim decided to reply to that article and his response discussed how he felt that some of the major press companies and media firms were constantly writing articles and posting things against the multinational company that was far from being true.

This accusation was pointed directly towards WSJ keeping in mind the article that was posted by the major press firm which was not in favor of Sears. The pension plan of the Chicago-based company was said to be affected by the low sales and returns on the stock after the stock received a dip in the market for a couple of days. In his article on the Sears Blogs, Rob was seen discussing the plans that his company followed regarding distribution of pension and complained about how some of the media companies spoke without having complete knowledge of the arrangement.

The Wall Street Journal’s article pointed out that Sears Holdings has been facing low earnings for the past couple of quarters which was the reason why their pension plan could be affected. But the CFO of the Illinois Company dismissed this as well and declared that all these allegations were untrue.

Rob was also seen talking about the fact that the articles published by Sears were not taking all the facts into consideration and were just creating hype out of news that was only half the facts. He said even if the multinational company receives low sales, the backup plan that is followed which is dependent on the assets of the firm are there to make sure that such plans do not fail.

Sears CFO also explained that the company has been spending a large amount of money on the pension plans on a yearly basis and for the purpose of putting less risk into the matter; they have decided to lessen the amount that is spent on them, letting other companies take their place for some time now.

Keeping that in mind, analysts still believe that the pension plan followed by the Sears financial department is sure to become a burden on the firm no matter what is said by the management.