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Sears to cut costs, pension obligations

Published 02/10/2017, 07:52 AM
Updated 02/10/2017, 08:00 AM
© Reuters. A Sears store is seen in Schaumburg, Illinois
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(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.

© Reuters. A Sears store is seen in Schaumburg, Illinois

The program will be aimed at simplifying the company's organizational structure and improving product assortment at Sears and Kmart stores.

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