Sears to may sell real estate, cut jobs to save $1 billion

Sears may sell more locations, cut more jobs and put more of its famous brands on the block in an attempt to revive the faltering retail chan.

The company, which also owns Kmart, said Friday that it is cutting costs by at least $1 billion a year.

Shares of Sears Holding Corp., which are down 40 percent this year, soared 45 percent before the market opened Friday.

Sears is already in the process of closing 150 stores, a move it announced last month. It did not announce new store closures Friday, but says it may sell real estate.

It may also sell two brands, its Kenmore washer and dryers and DieHard car batteries, after striking a deal to sell popular tool brand Craftsman last month.