NEW YORK — Sears has secured more financing, and is eyeing more cost-cutting, as the beleaguered retailer reported a big sales drop during the critical holiday season.

The company, which operates Sears and Kmart stores, said Wednesday that it secured $100 million in new financing, will seek twice that from other sources, and will seek $200 million in additional cost cuts this year unrelated to store closings. It also warned that if the company’s efforts to complete these transactions are not fully successful, then the board will consider all other options to maximize the value of its assets.

FILE - In this Aug. 31, 2017, file photo, shoppers walk by the sign at a Sears store in Pittsburgh. Sears is raising $100 million in new financing, will seek twice that from other sources, and will attempt $200 million in additional cost cuts in 2018, unrelated to store closings. (AP Photo/Gene J. Puskar, File) Associted Press/Gene J. Puskar

Sears Holdings Corp., which said last week that it’s closing more than 100 stores, said that during the November and December period, comparable-store sales tumbled by 16 percent to 17 percent. The metric – which measures sales in stores open at least a year – is a key indicator of retailer’s health.

Sears’ disastrous holiday sales mark a sharp contrast to the solid gains enjoyed by many of its department store peers such as Kohl’s, J.C. Penney and Macy’s.

Many retailers are enjoying the benefits of a stronger economy and lower unemployment. But they’re also seeing their efforts to spruce up their stores while expanding online services helping to boost their business. In comparison, Sears hasn’t kept up with the likes of Walmart, Best Buy and Home Depot in investing in its stores, with its shabby fleet its biggest albatross. Moreover, its peers like J.C. Penney are going after Sears’ core appliance business.

Sears has been trying to increase cash reserves while it cuts costs, moves that seem more urgent after it raised doubts in a regulatory filing last March that it may not continue as a going concern. However, it insisted at the time that its actions to turn around the business should help reduce that risk.

The inability to revive sales has created tension with vendors who have grown apprehensive about payment. Sears, based in Hoffman Estates, Illinois, just outside of Chicago, has not reported an annual profit since 2011, and sales have been in decline for a decade.

“I think the principled question is, is there any reason for Sears to exist in 2018?” said Jude Gorman, general counsel at Reorg, a research firm that follows distressed companies. “The answer is probably no.”

But Reorg executives say a lot will depend on Chairman and CEO Edward Lampert. His hedge fund has forwarded millions in funding to keep Sears open. Lampert said Wednesday that broader changes to the company’s capital structure and business model are needed.

“While these actions have so far helped our company survive the so-called ‘Retail Apocalypse,’ many observers are not persuaded that Sears Holdings can be a viable competitor in the long term,” Lampert wrote in a blog post. “It is obvious that to overcome such skepticism and obtain the support of outside lenders and our vendor community – which is crucial to the success of any retailer – we need to undertake further measures.”

The goal, Lampert said, is to return Sears to profitability this year.

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