Sears chairman says retailer 'unrecognizable' in 5 years

Hoffman Estates, Ill. Sears Holdings Corp. chairman Edward Lampert told shareholders Tuesday that the chain is preparing to revamp merchandise and services in its stores, while boosting online sales, according to an Associated Press report.

Lampert said Sears hopes that the two-pronged approach will continue the momentum the retailer gained during the recession as it boosted its profit while cutting expenses.

"Five years from now, I believe this company, to some people, will be unrecognizable compared to what the company was 20, 30 or 40 years ago," he said.

Regarding Sears’ current and future online activities, Lampert said, "It's not just us broadcasting to customers any more. It has to be interactive, and it has to be relevant."