Sears forecasts $1.25 billion in cost savings in 2017, appoints new CFO

Posted April 21, 2017 5:14 pm by Comments

Sears Holdings Corp. shares rose slightly in the extended session Friday after the retailer said it increased its cost-saving target and appointed a new financial chief. Sears shares advanced 0.8% to $13.50 after hours. The company said it expects to reduce costs by $1.25 billion for the year, up from a previously announced $1 billion. Sears said it has already delivered on $700 million in cost savings on the year. Also, Sears appointed Rob Riecker as chief financial officer, effective immediately, succeeding Jason Hollar, who left the company for another position. Sears said it has completed plans to close 108 Kmart and 42 Sears stores that had been underperforming. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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