Sears raises $100M in new financing, eyes $200M in cost cuts

HOFFMAN ESTATES, Ill. (AP) — Sears is raising $100 million in new financing, will seek twice that from other sources, and will attempt $200 million in additional cost cuts this year unrelated to store closings.

Shares rose more than 5 percent before the opening bell on new efforts to keep the beleaguered company afloat.

Sears Holdings Corp., which said last week it’d be closing more than 100 stores, said Wednesday that during the critical holiday shopping season, comparable-store sales tumbled by about 16 percent to 17 percent. Those sales, a critical measure of a retailer’s health, fell 14 percent to 15 percent when adjusted for pharmacies that were closed and diminished operations.

The company is based in Hoffman Estates, Illinois, just outside of Chicago.