Dive Brief:

• Sears Holdings Corp. announced that Jason Hollar has been promoted to chief financial officer effective immediately, replacing Robert A. Schriesheim, who exited in May to focus on his other business interests and pursue other career opportunities.

• Hollar joined Sears Holdings two years ago as senior vice president of finance after serving as vice president and corporate controller at vehicle tech company Delphi Automotive. He also spent several years at truck and diesel engine maker Navistar International.

• Sears also announced that it has consolidated responsibility for its internal audit, treasury and the capital markets finance functions under Robert Riecker, who has served as vice president and controller since 2011 and will continue as controller while also heading up capital markets activities.

Dive Insight:

Sears Holdings chairman and CEO Edward Lampert noted that the company enjoys a “deep bench of financial leadership” in Hollar and Riecker. "In his time with the company, Jason has been focused on driving efficiencies and creating value as our company undergoes rapid change,” Lampert said in a statement. “His leadership and financial acumen are important skills as we accelerate our transformation and deliver for our members, associates and shareholders.

Considering the challenges facing its flagship and Kmart brands, it’s far from clear whether Sears Holdings could attract top talent from outside the organization if it so chose, however. Both Sears and Kmart continue to struggle mightily in what Lampert calls a “challenging retail environment,” and earlier this month he took pains to refute rumors that Kmart is shuttering altogether. 

While the company’s Shop Your Way loyalty program is likely keeping many customers on, even that could deteriorate now that the company has decided to sell its iconic Craftsman tool brand. While the prospect of unloading Craftsman could bring in much-needed cash to help the retailer survive the holiday shopping season, it's also just another sign of its decay and its impending disappearance from the retail landscape. 

In August, Sears Holdings posted Q2 same-store sales declines of 3.3% at Kmart stores and 7% at Sears stores. Revenue fell 8.8% to $5.66 billion in what Lampert called “a challenging competitive environment.” At that time, the company said it will receive $300 million of additional debt financing secured by a junior lien against inventory, receivables and other working capital from Lampert’s ESL Investments hedge fund.