Whirlpool Corporation Statement on Sears Bankruptcy Filing

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Oct 15, 2018, 02:18 ET

BENTON HARBOR, Mich., Oct. 15, 2018 /PRNewswire/ -- Whirlpool Corporation (NYSE: WHR) confirms the recently announced Sears Holdings Corporation ("Sears") bankruptcy will have a very limited impact on Whirlpool's results of operations. As of September 30, 2018, approximately $30 million or 1% of Whirlpool's aggregate accounts receivable exposure was related to Sears, and Whirlpool had an immaterial amount of Sears-related inventory. In addition, net sales to Sears represented less than 2% of Whirlpool's global net sales.

In the past, when faced with a potential volume reduction from any one particular segment of the trade distribution network, Whirlpool has been able to offset such declines with increased sales through a broad distribution network.

"Our products are sold where consumers want to shop with distribution across all big-box retailers, the homebuilding channel and independent retailers," said Joe Liotine, President, Whirlpool Corporation North America. "We will continue to provide a great array of product offerings and services that meet consumer needs, offering strong brands that deliver innovation to consumers every day."

Whirlpool does not anticipate this bankruptcy will have any impact on our full-year 2018 EPS guidance or financial results over the long term. Further updates will be provided on Whirlpool's conference call to discuss third-quarter financial results.

About Whirlpool Corporation
Whirlpool Corporation (NYSE: WHR) is the world's leading major home appliance company, with approximately $21 billion in annual sales, 92,000 employees and 70 manufacturing and technology research centers in 2017. The company markets Whirlpool, KitchenAid, Maytag, Consul, Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand names in nearly every country throughout the world. Additional information about the company can be found on Twitter at @WhirlpoolCorp.

Whirlpool Corporation Additional Information
Certain statements in this press release relating to the Company's expectations for the financial and operational impact of this matter constitute "forward-looking statements" within the meaning of the U.S. federal securities laws. These statements reflect management's current expectations regarding future events and speak only as of the date of this press release. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance and will not necessarily be accurate indications of whether or not, or the times at or by which, events will occur. Actual performance may differ materially from that expressed or implied in such statements. Reference should also be made to the factors discussed under "Risk Factors" in the Company's periodic filings with the Securities and Exchange Commission. Although the forward-looking statements contained in this press release are based upon what are believed to be reasonable assumptions, investors cannot be assured that actual results will be consistent with these forward-looking statements, and the differences may be material. These forward-looking statements are made as of the date of this press release and, except as expressly required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.

SOURCE Whirlpool Corporation