Sears 2013 Annual Report Download - page 60

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forward-looking in nature and not historical facts. Such statements are based upon the current beliefs and
expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may
differ materially from those set forth in the forward-looking statements.
The following factors, among others, could cause actual results to differ from those set forth in the forward-
looking statements: our ability to offer merchandise and services that our customers want, including our proprietary
brand products; our ability to successfully implement our integrated retail strategy to transform our business; our
ability to successfully manage our inventory levels; initiatives to improve our liquidity through inventory
management and other actions; competitive conditions in the retail and related services industries; worldwide
economic conditions and business uncertainty, including the availability of consumer and commercial credit,
changes in consumer confidence and spending, the impact of rising fuel prices, and changes in vendor relationships;
vendors’ lack of willingness to provide acceptable payment terms or otherwise restricting financing to purchase
inventory or services; possible limits on our access to our domestic credit facility, which is subject to a borrowing
base limitation and a springing fixed charge coverage ratio covenant, capital markets and other financing sources,
including additional second lien financings, with respect to which we do not have commitments from lenders; our
ability to successfully achieve our plans to generate liquidity through potential transactions or otherwise; potential
liabilities in connection with the separation of Lands’ End, Inc.; our extensive reliance on computer systems,
including legacy systems, to implement our integrated retail strategy, process transactions, summarize results,
maintain customer, member, associate and Company data, and otherwise manage our business, which may be
subject to disruptions or security breaches; the impact of seasonal buying patterns, including seasonal fluctuations
due to weather conditions, which are difficult to forecast with certainty; our dependence on sources outside the
United States for significant amounts of our merchandise; our reliance on third parties to provide us with services in
connection with the administration of certain aspects of our business and the transfer of significant internal historical
knowledge to such parties; impairment charges for goodwill and intangible assets or fixed-asset impairment for
long-lived assets; our ability to attract, motivate and retain key executives and other associates; our ability to protect
or preserve the image of our brands; the outcome of pending and/or future legal proceedings, including product
liability and qui tam claims and proceedings with respect to which the parties have reached a preliminary settlement;
and the timing and amount of required pension plan funding.
Certain of these and other factors are discussed in more detail in Part I, Item 1A of this Annual Report on Form
10-K. While we believe that our forecasts and assumptions are reasonable, we caution that actual results may differ
materially. We intend the forward-looking statements to speak only as of the time made and do not undertake to
update or revise them as more information becomes available.