Sears May Sell Real Estate, Cut Jobs To Save $1 Billion

Follow CBSDFW.COM: Facebook | Twitter

NEW YORK (AP) — Sears may sell more locations, cut more jobs and put more of its famous brands on the block in an attempt to revive the faltering retail chain.

The company, which also owns Kmart, said Friday that it is cutting costs by at least $1 billion a year.

Shares of Sears Holding Corp., which are down 40 percent this year, soared 45 percent before the market opened Friday.

Sears is already in the process of closing 150 stores, a move it announced last month. It did not announce new store closures Friday, but says it may sell real estate.

It may also sell two brands, its Kenmore washer and dryers and DieHard car batteries, after striking a deal to sell popular tool brand Craftsman last month.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

Comments are closed.

More From CBS Dallas / Fort Worth

Drip Pan: CBS Local App
Drip Pan: Weather App

Listen Live