The manufacturer expects earnings of $13.60 to $13.90 a share this year, down from a previous forecast of as much as $15. Whirlpool will continue to supply about 10 branded products to the retailer, Bitzer said. The stock move was its biggest intraday decline in a year. 24, a day after cutting its earnings forecast and posting quarterly results that missed analysts’ projections. The company’s shares fell as much as 11% to $163 in New York on Oct. Whirlpool is raising its prices to cover higher costs for raw materials. He declined to give details on why the companies couldn’t come to terms. “In terms of the impact of shifting that, to be honest it’s not a whole lot,” Bitzer said. Sears represents about 3% of global revenue for Whirlpool, which is in the process of shipping its inventory to other vendors. Whirlpool informed Sears in May of its decision to stop providing products, CEO Marc Bitzer said on Oct. The department-store chain will continue to sell Whirlpool products only until all its current inventory is depleted. “Whirlpool has sought to use its dominant position in the marketplace to make demands that would have prohibited us from offering Whirlpool products to our members at a reasonable price,” Sears said in the memo. The retailer will no longer carry Whirlpool brands, including Maytag, KitchenAid and Jenn-Air effective immediately, Sears said in an employee memo last week that was provided to Bloomberg on Oct. products after the companies couldn’t agree on pricing terms. After a century-long history together, Sears Holdings Corp.
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