| Updated:
Sears hopes sell-off will lift firm
US retail giant Sears plans to raise about $770m (£489m) by spinning off more than 1,250 stores and selling some real estate, hoping to convince Wall Street that the struggling chain has enough assets to tap to pay down debt. The news boosted shares of the operator of Sears department stores and the Kmart discount chain by nearly 22 per cent, and quelled some concerns about the financial health of the retailer which yesterday also posted a $2.4bn quarterly net loss and a 19th straight quarter of declining sales.