In response to a quarterly loss, Sears will close some of its lower-profiting stores, reports USA Today.
While Sears can sell off its massive real estate holdings, industry watchers believe the store’s biggest problem is its unexciting merchandise and dull stores.
In a plan to turnaround Sears, the company will spin off of its Hometown, outlet and hardware stores. The deal is expected to raise $400 to $500 million. Sears will also sell 11 stores for $270 million, and will also cut inventory by $580 million.
After the plan was announced, shares have been up by nearly 95% since the beginning of the year, rising to $61.80 on Thursday.
To read the full article, visit http://www.usatoday.com/money/industries/retail/story/2012-02-23/sears-shedding-stores/53229132/1