New York -- Edward Lampert, chairman of Sears Holdings, presented an ambitious plan on Wednesday to improve the company’s performance that includes updating store layouts and signage and investing in its rewards program, Reuters reported.
“We are not here to just survive. We are here to transform,” Lampert told shareholders at the company's annual meeting, according to the report.
Sears is focusing on better inventory management, having the right fashions and being more customer friendly, the report said.
Sears has been under heavy criticism for not making investments in its stores. The company lost $3.14 billion in 2011. Same-store sales fell 2.2%.
Although Lampert downplayed reports that Sears was looking to sell its Lands’ End business, he said there was always a possibility that the business "could be separated," according to the Reuters report.