Sears Rallies After CEO Assures Investors He Has Comeback Plan
- Company vows to cut debt, pension burden by $1.5 billion
- Sears also plans to eliminate $1 billion in annual expenses
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Sears Holdings Corp. rose the most in more than two years after Chief Executive Officer Eddie Lampert vowed to fix the troubled retailer, saying he would lower its debt burden and cut annual expenses by at least $1 billion.
The cost savings will be part of a push to reduce overhead and more tightly integrate the Sears and Kmart operations, the company said on Friday. Lampert, 54, also plans to slash debt and pension obligations by $1.5 billion.