Sears has secured more financing, and is eying more cost cutting, as the beleaguered retailer reported a sales drop during the critical holiday season.
The company, which operates Sears and Kmart
stores, said Wednesday that it secured $100 million in new financing,
will seek twice that from other sources, and will attempt $200 million
in additional cost cuts this year unrelated to store closings. It also
said that if the company's efforts to complete these transactions are
not fully successful, then the board will consider all other options to
maximize the value of its assets.. . . more