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Sears Announces $1B Reset Plan, Sale of 11 Stores

HOFFMAN ESTATES, IL-The troubled retailer revealed a $2.4 billion loss in Q4, and will sell 11 stores to GGP for $270 million, as well cuts and spin-offs. Investors boosted company stock by 20%.

By Robert Carr | Updated on February 23, 2012

HOFFMAN ESTATES, IL-Sears Holdings Corp. executives are going through intense damage control today as the company released its fourth quarter earnings showing a $2.4 billion loss for the fourth quarter 2010. In separate statements, the company said it is selling 11 stores to General Growth Properties for $270 million, and is spinning off its hometown, outlet and some of its hardware businesses for up to $500 million.

Investors seem to be happy with the moves, as Sears Holdings stock jumped about 20% by mid-day. The stock jumped more than $10 per share, and is up at more than $60 per share, a height not seen since the company announced in late December that it plans to shut more than 120 stores nationwide. The company has more than 4,000 stores in the United States and Canada.

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