Business briefs

Staff -- Home Textiles Today, 4/1/2002 12:00:00 AM

Mohawk raises $700 million in note sale

Mohawk Industries, the Calhoun, GA-based carpet and home fashions producer, has sold $700 million in notes in a two-tranche private placement. Mohawk originally planned to raise about $600 million in the deal, but increased the size of the offering by $100 million. In the first part of the deal, Mohawk sold $300 million worth of notes bearing interest at 6.5 percent and maturing in 2007. In the second level, Mohawk sold another $400 million worth of notes with a 7.2 percent interest rate maturing in 2012.

Sears to take $208M charge for acquisitions

Sears, Roebuck and Co. said it will take a $208 million non-cash charge against first-quarter profits to cover a change in accounting for its earlier acquisitions of Orchard Supply Hardware stores and National Tire & Battery. The retailer also said it continues to expect earnings per share for all of this year to grow by 13 percent to 15 percent. In a filing with the SEC, Sears also said it anticipates 2002 capital spending to total about $1.3 billion, up about 16 percent from last year's $1.12 billion. The company will open nine new full-line stores, relocate about eight others and remodel about 50 more stores.