Some big news from Sears (SHLD) this morning. The stock surged in early trading. The struggling retailer — which also owns Kmart and run by billionaire chief executive, Edward Lampert — announced a new restructuring plan. Sears plans to cut costs by at least $1 billion this year by cutting more jobs, improving merchandise and managing its inventory. The company is also looking to sell more of its brands including Kenmore appliances and DieHard car batteries. This comes after it sold its iconic Craftsman tool brand last month.
The Northeast Corridor will desperately need Kenmore dehumidifiers because of the melting snow flooding basements.