The brand’s new leader is looking to “rejuvenate” business with new product assortments and a bigger focus on catalog and e-commerce.
The Cut will take up to 40,000 square feet in each of the company’s stores.
Comps were down at both nameplates in multiple merchandising categories.
The company pledged assets to satisfy pension obligations.
Executives from oldnavy.com, Sears Canada and Office Depot talk about organizational shifts to win at retail no matter the channel.
Sears has $4.6B of funded debt, and unfunded pension and post-retirement obligations of $2B.
The company also updated Q4 guidance.
Investors agreed to drop claims that a lease buyback deal with a Sears- created trust benefited chief executive officer Edward Lampert more than the company.