(Reuters) - Struggling retailer Sears Holdings Corp (O:SHLD) reported a 10.3 percent drop in comparable store sales for the holiday quarter, and said it would cut debt and pension obligations by at least $1.5 billion this year.
The company also launched a new plan to cut costs by at least $1 billion in 2017.
The program will be aimed at simplifying the company's organizational structure and improving product assortment at Sears and Kmart stores.