Hoffman Estates, Ill. Sears Holdings Corp. plans to reorganize into several companies in another bid to help the ailing retailer, according to a report by The Wall Street Journal. The decision follows Sears’ disclosure last week that fourth-quarter profit may decline for the third consecutive quarter.
Sears Holdings chairman Edward Lampert sees the move as a way to revitalize the company in the face of tough competition from companies such as Wal-Mart Stores Inc., the newspaper said, citing unnamed people familiar with the situation.
Spokeswoman Kimberly Freely issued a short statement Saturday confirming Sears Holdings is "introducing an organizational structure that provides operating businesses with greater control, authority and autonomy." She declined to comment further.
Sears spokesman Chris Brathwaite told Bloomberg News via e-m-mail Saturday that each of Sears’ business units will have a designated leader and a group of executive advisors to oversee performance, according to USA Today.