In a bid to stay competitive in the retail market, Sears is revamping its long-standing return policy.

Sears had frustrated some customers for years with its ten-day return policy and 20 per cent re-stocking fee for big-ticket items.

The company now says it is doing away with those return protocols as it revamps its operations to overcome losses and off-set growing competition from discount retailers like Walmart and Target.

Calvin McDonald, new Sears CEO, says the company will start focusing on reducing the number of brands offered while improving store conditions and marketing.

The new return policy is expected to come into effect in May.