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Whirlpool, Electrolux react to Sears bankruptcy

Appliances manufacturers Whirlpool Corp. and AB Electrolux (publ) released statements addressing the effect of Sears Holdings Corp.'s bankruptcy on their businesses.

Whirlpool said the bankruptcy will have a limited impact on its operations. The company's aggregate accounts receivable exposure to Sears was about $30 million, or 1%, as of Sept. 30. Sears has a less-than-2% share of Whirlpool's global net sales.

Whirlpool added that the department store chain's bankruptcy will not affect its full-year 2018 EPS guidance or financial results.

The home appliances manufacturer is confident of overcoming the potential volume reduction with increased sales through its broader 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 Whirlpool Corp. North America President Joe Liotine.

Swedish manufacturer Electrolux said that while the outcome of the Sears restructuring was unclear, "it cannot be ruled out that there may be a material impact on the future sales and earnings" of its North American major appliances division. Sears accounts for about 10% of the unit's sales.

Electrolux said it has been planning for various scenarios involving Sears and is not assessing a need for material one-time costs as an immediate consequence of Sears' restructuring.

The company said it would explore the prospects of continuing its business with Sears by working with the company's restructuring team.