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Sears to cut costs, pension obligations
February 10, 2017 / 12:45 PM / 10 months ago

Sears to cut costs, pension obligations

Feb 10 (Reuters) - Struggling retailer Sears Holdings Corp 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. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Saumyadeb Chakrabarty)

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