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Shares of Sears Holding Co., which owns both Sears and Kmart soared 45 percent in pre-market trading Friday morning after the company unveiled a $1 billion cost-cutting plan.
Wall Street loves to see companies reduce overhead and expenses, and under the plan Sears and Kmart would share corporate and back office support functions.
The plan includes a previous plan by Sears to shut 150 Kmart and Sears stores, although no Capital Region stores are impacted by that.
Sears has a store at Colonie Center and an appliance store at Crossgates Commons.
Kmart’s only remaining local store is in Rotterdam.
In pre-market trading, Sears shares (Nasdaq: SHLD) were trading at $8.07 per share, up $2.53 or 45.67 percent.
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