The operator of Sears and Kmart also says will sell 11 stores to General Growth Properties for $270 million.
The disclosures come as the Hoffman Estates, Ill.-based company says it swung to a loss in the fourth-quarter while revenue fell 4 percent to $12.48 billion. Adjusted earnings totaled 54 cents per share, below analyst expectations.
Led by billionaire investor Edward Lampert, Sears has suffered losses as consumers turn elsewhere. It has sought to improve results by cutting jobs and costs and closing underperforming stores.
