Sears' chief executive officer, Lou D'Ambrosio, plans to turn around his company's performance by implementing technology and spending more money on stores, according to Bloomberg.
Sears announced on Dec. 27 that it was closing about 120 locations after same-store sales slipped 5.2 percent in the eight weeks ended Dec. 25, and shares plunged 27 percent on the news, the biggest drop since April 29, 2003. Sears fell 3.4 percent in New York on Dec. 30 to $31.78.
Sears has recently given store salespeople more than 5,000 iPads and 11,000 iPod touches to track inventory and customer orders, according to D'Ambrosio who expects the technology to help the company better connect with customers.
A new executive
Sears today named Ron Boire chief merchandising officer and executive vice president. Formerly president and CEO of Brookstone Inc. (BKST), he will lead store formats for Sears and Kmart, and will focus on integrating Web and mobile services, the company said in a statement.
A new look
The company is also investing in fixtures, paint and new designs to revamp the company.
From the story:
The retailer's (SHLD) "assets are undervalued, which creates an opportunity," said D'Ambrosio, who recalls visiting Sears auto centers with his father as a child. "Sears is an iconic brand. It's important to revitalize this company."
D'Ambrosio is the fourth Sears CEO since Sears merged with Kmart in 2005.