large-format stores have leases expiring within the next six years.
The details of Joly's long-awaited plan came roughly a week before the unofficial start of the year's biggest selling season.
The retailer, which has posted declines in same-store sales in eight of the last nine quarters, warned last month it expected earnings and same-store sales to fall again in the third quarter.
I am already sick and tired of negative comps, Joly said, referring to same-store sales figures.
The CEO also admitted a number of past investments have not paid off and promised the new leadership would be prudent about that in the future, a nod to Wall Street's lingering concerns about spending by past management.