Sears just lost its CFO for the second time in 6 months ahead of a looming financial deadline

Sears has lost its second chief financial officer in six months, just as it begins talks with lenders over a looming debt payment.

Sears CFO Jason Hollar has left the company to “pursue another career opportunity,” the company said. Hollar was appointed to the role in October 2016 following the departure of Robert Schriesheim, the company’s CFO since 2011.

Sears has named Rob Riecker to replace Hollar, effective immediately. Riecker was previously Sears’ controller and head of capital markets activities.

The turnover comes as the company struggles to cut costs and revive business following years of declines in customer traffic and sales. Sears has been selling off assets to stay afloat as it burns through cash.

It is facing a looming payment in July from the maturation of a $US500 million loan facility, and said it is in talks to evaluate refinancing options for the loan, and will provide an update on the status of those efforts prior to the end of May.

The company also provided an update on planned cost savings, saying it would close 50 Sears Auto Center locations and 92 pharmacies at Kmart stores.

The company has already closed 150 Kmart and Sears stores this year, and more closures are on the way. The company has informed several Sears and Kmart stores that they will close by July, as Business Insider reported Thursday.

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