Sears Holdings: Net loss attributable to Holdings' shareholders of $279 million, or $2.63 loss per diluted share, compared to net income of $189 million, or $1.78 earnings per diluted share, in the prior year quarter. Revenues decreased $818 million to $8.5 billion for the quarter.

The company has $481 million in cash and $3.8 billion in debt. They are trying to raise "at least $500 million of additional liquidity." One proposal involves selling off their Protection Agreement (service contract/extended warranty) business.

CEO Eddie Lampert: "Our recent financial performance has not been acceptable, although we have seen some positive momentum as sales per member increased and our online business grew 20% in the quarter."

Shares were off 13% in after hours trading.

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