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Sears surged more than 50% in pre-market trading after the company announced plans to radically cut costs. The stock has since pulled back, and is up roughly 25% after the market open.

Sears announced the sale of a handful of stores and an agreement to sell more real estate in order to raise $1 billion in cash, as well as a plan to reduce debt and pension obligations by $1.5 billion.

Don't get too excited: Same store sales for Sears and Kmart fell more than 10% last quarter, so this rise is more about balance-sheet engineering that an actual turnaround in the stores performance. And the stock is off around 50% in the last year.

Sears stock jumps on turnaround plans

Business

Axios Pro: Deals

<p>Sears surged more than 50% in pre-market trading after the company announced plans to radically cut costs. The stock has since pulled back, and is up roughly 25% after the market open.</p><p>Sears announced the sale of a handful of stores and an agreement to sell more real estate in order to raise $1 billion in cash, as well as a plan to reduce debt and pension obligations by $1.5 billion.</p>

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Sears stock jumps on turnaround plans

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