Wednesday, 18 October, 2017

Sears to cut hundreds of full-time jobs

Sears to cut 400 full-time jobs, mostly at corporate office Sears cuts 400 jobs, most of them at Hoffman Estates HQ
Mae Harvey | 27 June, 2017, 01:07

In this Thursday, March 23, 2017, photo, an elderly woman walks outside a Sears retail store scheduled to be shut down in north Dallas.

Sears Holdings is cutting 400 full-time jobs in its corporate offices as part of ongoing restructuring efforts created to cut annualized costs by $1.25 billion, the company said.

The struggling retailer said Tuesday the bulk of job cuts will be at its Hoffman Estates, Ill., headquarters, adding it worked to leave open positions unfilled and reduce contract workers before cutting full-time jobs. The eliminated jobs represent less than half a percent of the 140,000 full-time and part-time employees it had at the end of January.

With respect to its latest job cuts, the company announced Tuesday that some positions at field operations would be impacted by its restructuring actions.

Last week, Sears confirmed that it planned to close 66 additional locations on top of the 180 planned closures it had announced earlier in the year.

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But they promptly moved back three spots in a deal with Dallas in the first of three trades announced during the first round. Barratt, a "kid from Bristol, Connecticut", was overcome with emotion when he heard his name called.

Sears, the owner of its namesake chain and Kmart, has closed hundreds of stores in recent years amid a sharp decline in sales.

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. "This requires us to optimise our store footprint and operate as a leaner and simpler organisation".

The news comes as Sears Canada, a separate publicly traded company that was spun off from Sears Holdings in 2012, separately announced that it was studying its strategic options, including the possible sale of the company.

Another round of job cuts for Sears as the retailer prepares to get rid of 400 employees.

The 2011 state tax deal gave Sears credits worth an estimated $15 million a year for 10 years.

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