Beleaguered retailer Sears Holdings Corp. said on Friday that it would cut costs by $1 billion and reduce debt and pension obligations by at least $1.5 billion this year, sending its shares soaring as much as 40 percent, Reuters reported. The company also said that it had sold five Sears full-line stores and two Auto Centers for $72.5 million in January, and had engaged Eastdil Secured to raise at least $1 billion from the sale of its real estate. Sears has spun off some of its stores into a real estate investment trust, put some brands on sale and repeatedly raised debt from billionaire Chief Executive Edward Lampert's hedge fund as part of efforts to cope with the slump. Under the latest plan, the company said that it would consolidate Sears and Kmart's corporate and support functions and improve product assortment at its stores. The company also reaffirmed that it would close 150 stores.
