Sears Looks To Raise More Cash, As It Cuts Costs To Boost Profits

Sears is looking to raise more cash, announcing that it is planning a rights offering that may raise up to $625 million. The company, which runs Kmart and its namesake stores, also said Monday that it struck a leasing deal with European fashion retailer Primark. Sears has been cutting costs, reducing inventory and selling assets to return to profitability. Its biggest albatross remains its stores, which critics say are outdated. Sears is also facing broader structural issues. Sears is grappling with a slowly recovering economy that's not benefiting all Americans equally. It's also trying to catch up to customers who are steering clear of stores and shopping online. TheStreet's Scott Gamm reports from New York.