Struggling Sears Holdings Corp said it would raise up to US$380 million by selling most of its stake in Sears Canada Inc through a rights issue, generating liquidity ahead of the crucial holiday shopping season.
Sears Holdings, which holds a 51% stake in its beleaguered Canadian unit, will sell 40 million shares of Sears Canada, leaving it with a stake of about 12%.
Sears Holdings put its stake in Sears Canada on the block in May as a part of the Illinois-based company’s efforts to turn around its business after years of declining sales.
With billions of state and local tax dollars going un-collected each year because a number of online retailers either aren’t required to collect the taxes or are shirking their responsibilities, a proposal circulating around Congress takes a new “simplified” (but really kind of complex) approach to get more e-tailers collecting sales tax.
For nearly 25 years, the general standard for whether a state could compel a mail-order or online retailer to collect sales tax from customers was that retailer’s physical presence (or lack thereof) in that state. More recently, some states have tweaked their laws so that total sales — and not physical connection — is the determining factor. Online tech store Newegg is the latest retailer to challenge these new rules, taking issue with Alabama’s determination that the company owes the state more than $185,000 in sales tax.
By Paulo Santos:In a Reuters piece today, we got further confirmation of something I've been saying all along: That sales taxes matter, and Amazon.com (AMZN) is going to see an effect from having to collect them.
Listen to the chants from Chicago: We're Number 1! We're Number 1! We're Number 1!Chicago just leapfrogged past several other cities with the passage of a Cook County sales tax hike of one percentage point to 10.25%.With that hike, Chicago Now has America’s Highest Sales Tax. Chicago has long had a steep sales tax, but a vote by Cook County commissioners Wednesday night made the city’s rate the highest of any major city in the nation.
By Paulo Santos:California has just reported Q4 2012 sales tax receipts. This is the first full quarter since California changed its laws to enable more sales tax collection from online retailers, instead of trusting individuals to pay these taxes voluntarily (which they didn't).
Amazon.com, Inc. (AMZN), the e-commerce giant, has certainly played a key role in revolutionizing today’s retail world. The impact has been so powerful that a whole new term, ‘Amazon Effect’ has been coined to describe the influence of the online giant on retailers’ sales.