Sears has taken new steps to boost its liquidity as it struggles to hang on amid another dismal holiday quarter.
Through a series of maneuvers that include selling its Craftsman business to Stanley Black & Decker and closing 150 unprofitable Sears and Kmart stores, the department store chain has cobbled together more than $1 billion in liquidity, with plans to raise another $1 billion off of its real estate.
(A full list of planned store closures is below.)
Sears shares rallied on the news, and were trading up 5 percent at $10.89.
The announcements come as Sears disclosed that same-store sales at its chains declined 12 percent to 13 percent in the first two months of the holiday quarter. The chain has reported just two profitable quarters since April 2012.
"We are taking strong, decisive actions today to stabilize the company and improve our financial flexibility in what remains a challenging retail environment," Sears Chairman and CEO Eddie Lampert said in a statement Thursday. "We are committed to improving short-term operating performance in order to achieve our long-term transformation."
Details regarding Sears' latest financial maneuvers started to trickle out Wednesday, when Seritage Growth Properties — the real estate investment trust that was spun off from Sears — said in an SEC filing that Sears had exercised its right to terminate the leases on 19 unprofitable stores it had sold off to the firm.