RETAILING

$4-Billion Plan for Sears Announced: Sears, Roebuck & Co. executives laid out plans to revitalize the stagnant retailer, saying they’ll spend $4 billion to renovate stores, revamp their merchandising strategy and seek outside help. The company indicated that it is done with drastic measures such as the 50,000 layoffs, 113 store closings and shutdown of Sears’ big catalogue operation announced last month, although some further job losses appear likely. Arthur Martinez, chairman of the Sears Merchandise Group who joined Sears six months ago from Saks Fifth Avenue, said the company will play up strengths in each of its three core segments of apparel, home and automotive.