Shares of Sears, Roebuck and Co. stock fell almost 11% to $20.33 after an analyst cut his investment rating on the firm, according to wire service reports.
George Strachan, a Goldman Sachs analyst, downgraded Sears’ rating from “in-line” to “underperform” based on fears about the firm’s credit card business and customer debt load, according to Reuters.
This was the lowest level in 20 years, the report continued.
In a separate development, Sears announced that Lands’ End catalog merchandise will be available in more than 180 Sears stores by Dec. 1. Sears acquired Lands’ End earlier this year.
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