Sears (Hoffman Estates, Ill.) announced that it has undertaken a series of steps to regain its financial footing.
Among those endeavors, the company has increased its savings goal from $1 billion to $1.25 billion. To reach that goal, the company has begun selling off some of its retail estate holdings.
Another of the company’s goals, according to USA Today, is to increase its profits and slash its outstanding debt and pension obligations by $1.5 billion. To that end, it has reached an agreement with lenders to delay paying back much of a $500 million loan in full for six months until January 2018.
This comes in the wake of the company’s most recent quarterly earnings report, which showed continued loss of revenue and sales, including a net loss of $230 million for the quarter. However, thanks in part to its recent sale of its Craftsman brand, it posted an overall profit of $244 million.