But on Thursday, the company announced plans that could raise nearly $800 million.
In one arrangement worth up to $500 million, Sears said it would separate its
Separately, for $270 million, Sears said it would sell 11 stores to real estate company
The initiatives helped Sears stock move up 17%, or $9, to roughly $71 in afternoon trading in New York.
Sears said in December that it would close up to 120 stores after struggling through yet another difficult holiday season.
In its fourth quarter, hit hard by high cotton and fuel prices and declining demand for consumer electronics and appliances, Sears' revenue slumped 4% to $12.5 billion. And unseasonably warm weather dampened outwear sales from the company's Lands' End brand.
Same-store sales at U.S. locations open more than a year slid 4.1% at Sears and 2.7% at Kmart over the quarter.
D'Ambrosio said that, moving forward, the company would try to leverage technology to better connect with customers who are increasingly using smartphones to shop.
"Our media and shopping channels are blurring," he said in a conference call with analysts. "We believe the retailers who best use technology to integrate the customer experience across all channels will be the ones who win."