Sears to cut 400 full-time jobs, mostly at corporate office
Sears to cut 400 full-time jobs, mostly at corporate office
Sears Holdings says it will cut about 400 full-time jobs as part of the troubled retailer's plan to turn its business around. | Getty Images
14 June, 2017, 05:03
The majority of the eliminated positions are from the corporate offices at the headquarters in Hoffman Estates, Illinois.
Sears is cutting 400 full-time jobs at its headquarters in IL and elsewhere as part of its savings plan that will 150 stores by the end of 2017 but purportedly help the crumbling company pocket more than $1 billion a year.
CEO at Sears Eddie Lampert said the company was making progress with the restructuring of its operations that was started back in February of 2017.
Eligible associates will be provided severance compensation and transition assistance.
By eliminating the positions, the retailer says it can further simplify its organizational structure and consolidate Sears and Kmart functions. On Tuesday, Sears said the latest store closures were "initiated" last week, though the exact locations of the stores being closed haven't been confirmed.
Lampert added that the company remained focused on the realigning of its business model in the highly competitive and evolving retail environment.
Company officials said Sears has made "significant progress" in its restructuring program, with almost $1 billion in annualized cost savings already actioned to date. That requires the company to optimize its store footprint as well as operate an organization that is simpler and leaner.
The company said it's aware of the impact on its employees.
Sears, once the largest USA retailer, has been struggling to turn around its business for years amid intensifying competition from Wal-Mart Stores Inc and Amazon.com Inc. In addition, we continue to evaluate strategic options across our portfolio to unlock value from our assets through partnerships, joint ventures or other means. The company is reportedly closing an additional 66 stores by early September.
GoodHaven Capital Management LLC continued to hold its stake in shares of Sears Holdings Corporation (NASDAQ:SHLD) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. (Sears). The Company's segments are Kmart and Sears Domestic.
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