TURNAROUND? Sears maps out survival strategy, sending stock soaring.

The plan unveiled Friday thrilled investors, who drove Sears shares up 45.1% in pre-market trading to $8.04.

The latest restructuring plan does not include new closures of Sears or Kmart stores after the company recently announced plans to shutter 150 of its more than 1,300 locations.

The company estimated that its new measures would lower its debt and pension obligations by $1.5 billion and reduce annual costs by $1 billion.

The debt reduction includes a contribution from the recent sale of the company’s Craftsman brand, which was worth about $900 million, while the cost reduction includes savings from the store closures.

To be sure, the company’s sales performance remains dismal. Sales at stores open at least a year fell 10.3% in the fourth quarter, including an 8% reduction at Kmart and 12.5% at Sears.

Sooner rather than later, the company is going to run out of costs to save and assets to sell, and is going to have to get paying customers back into its stores.