Sears executives have been predicting that the company's results will improve substantially in the second half of this year.

The audience went wild, showing an energy that Sears executives said they had not seen in years.

Sears executives say that while 3,000 jobs were affected by the new system, no workers were laid off.

"It is, as you can see, quite comprehensive," said a senior Sears executive who asked to remain anonymous.

Sears executives acknowledge the enormity of the job but say they are up to it.

Sears executives say their company's reputation for fair dealing will be its strategic advantage.

Sears executives had declined to comment in the article.

The decision was a result of recent meetings the pension fund had with Sears executives.

And Sears executives don't expect much improvement this year.

Ultimately, Sears executives predict, one will rise to the top.