Struggling retailer Sears Holdings 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.
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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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