Sears (Hoffman Estates, Ill.) announced a restructuring plan that includes cost-cutting measures that will allow the business to save at least $1 billion this year and return to profitability.
Among other elements of the plan, the retailer plans to introduce a new organizational model that will consolidate corporate and support operations between its Sears and Kmart stores. It also plans to actively manage its real estate portfolio that may allow for reduced capital operations, reports Chicago Tribune.
The company is also looking at cutting unprofitable product categories so that it can, instead, focus on growing other categories, such as appliances. It is also still looking to sell its Kenmore and DieHard brands.