Sears to may sell real estate, cut jobs to save $1 billion

Markets Associated Press

  • FILE - In this Thursday, May 17, 2012, file photo, shoppers walk into Sears in Peabody, Mass. The troubled department store chain, says it may sell more of its real estate, cut more jobs and sell more of its famous brands as it seeks to make a profit. The company, which also runs Kmart stores, wants to cut costs by at least $1 billion a year.
Shares of Sears Holding Corp., which are down 40 percent this year, soared 45 percent before the stock market opened Friday, Feb. 10, 2017. (AP Photo/Elise Amendola, File)

    FILE - In this Thursday, May 17, 2012, file photo, shoppers walk into Sears in Peabody, Mass. The troubled department store chain, says it may sell more of its real estate, cut more jobs and sell more of its famous brands as it seeks to make a profit.... The company, which also runs Kmart stores, wants to cut costs by at least $1 billion a year. Shares of Sears Holding Corp., which are down 40 percent this year, soared 45 percent before the stock market opened Friday, Feb. 10, 2017. (AP Photo/Elise Amendola, File) (The Associated Press)

  • FILE - In this Thursday, May 17, 2012, file photo, shoppers walk into Sears in Peabody, Mass. The troubled department store chain, says it may sell more of its real estate, cut more jobs and sell more of its famous brands as it seeks to make a profit. The company, which also runs Kmart stores, wants to cut costs by at least $1 billion a year.
Shares of Sears Holding Corp., which are down 40 percent this year, soared 45 percent before the stock market opened Friday, Feb. 10, 2017. (AP Photo/Elise Amendola, File)

    FILE - In this Thursday, May 17, 2012, file photo, shoppers walk into Sears in Peabody, Mass. The troubled department store chain, says it may sell more of its real estate, cut more jobs and sell more of its famous brands as it seeks to make a profit.... The company, which also runs Kmart stores, wants to cut costs by at least $1 billion a year. Shares of Sears Holding Corp., which are down 40 percent this year, soared 45 percent before the stock market opened Friday, Feb. 10, 2017. (AP Photo/Elise Amendola, File) (The Associated Press)

  • FILE - In this Thursday, May 17, 2012, file photo, shoppers walk into Sears in Peabody, Mass. The troubled department store chain, says it may sell more of its real estate, cut more jobs and sell more of its famous brands as it seeks to make a profit. The company, which also runs Kmart stores, wants to cut costs by at least $1 billion a year.
Shares of Sears Holding Corp., which are down 40 percent this year, soared 45 percent before the stock market opened Friday, Feb. 10, 2017. (AP Photo/Elise Amendola, File)

    FILE - In this Thursday, May 17, 2012, file photo, shoppers walk into Sears in Peabody, Mass. The troubled department store chain, says it may sell more of its real estate, cut more jobs and sell more of its famous brands as it seeks to make a profit.... The company, which also runs Kmart stores, wants to cut costs by at least $1 billion a year. Shares of Sears Holding Corp., which are down 40 percent this year, soared 45 percent before the stock market opened Friday, Feb. 10, 2017. (AP Photo/Elise Amendola, File) (The Associated Press)

Sears may sell more locations, cut more jobs and put more of its famous brands on the block in an attempt to revive the faltering retail chan.

Continue Reading Below

The company, which also owns Kmart, said Friday that it is cutting costs by at least $1 billion a year.

Shares of Sears Holding Corp., which are down 40 percent this year, soared 45 percent before the market opened Friday.

Sears is already in the process of closing 150 stores, a move it announced last month. It did not announce new store closures Friday, but says it may sell real estate.

It may also sell two brands, its Kenmore washer and dryers and DieHard car batteries, after striking a deal to sell popular tool brand Craftsman last month.