Sears stock is getting a boost on word of major cutbacks just in time for the holidays.

Shares in Sears Holdings rose nearly five percent today after a report that the struggling retailer plans to lay off nearly 55-hundred employees and close dozens of stores -- many of them before Christmas.

About a third of the planned closures are Sears department stores, the rest are Auto Centers and Kmart stores.

While not denying the report, a Sears spokesperson says the numbers are not entirely accurate. (Metro Networks inc.)