Wednesday, January 10, 2018

Sears raises $100M in new financing, eyes $200M in cost cuts

FILE - In this Aug. 31, 2017, file photo, shoppers walk by the sign at a Sears store in Pittsburgh. Sears is raising $100 million in new financing, will seek twice that from other sources, and will attempt $200 million in additional cost cuts in 2018, unrelated to store closings. (AP Photo/Gene J. Puskar, File)
            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

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