- Sears Holdings (SHLD) discloses that it is evaluating bids for real estate totalling more than $700M.
- Amid a cash crunch, the company also boosts its annualized cost savings program target to $1.25B from $1.00B.
- The cost savings program includes the closure of 92 underperforming pharmacy operations in certain Kmart stores and 50 Sears Auto Center locations.
- Sears reports that FQ1 same-store sales fell 11.9%. The retailer expects to report adjusted EBITDA of -$230M to -$190M.
- Sears also has a new top number cruncher in place as it promotes Rob Riecker to the CFO position. Riecker was serving as the controller.
- Shares of Sears are up 44% YTD.