Sears Holdings to cut 400 full-time jobs

Sears Holdings Corp. announced Tuesday the job cuts are part of its previously announced plans to save $1.25 billion in costs a year. On top of the corporate office jobs, positions at field operations will be effected as well due to store closures Sears initiated earlier in June.

The planned job cuts are in addition to the company's $1.25 billion restructuring plan it unveiled.

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.


The company said the moves have helped it save $1 billion on an annualized basis, to date, and it's on pace to meet its $1.25 billion savings target.

Eligible associates will be provided severance compensation and transition assistance.

Lampert added that the company remained focused on the realigning of its business model in the highly competitive and evolving retail environment. "This requires us to optimize our store footprint and operate as a leaner and simpler organization".


Officials at the company said the reductions in staff were taking place in a number of areas and represent a mix of different positions in different business units along with roles across its organization. The retailer said it will continue to take "all necessary action" to achieve profitability.

As part of the retailer's ongoing restructuring, Sears also said that it was paying down $418 million in term loans and monetizing real estate assets to improve performance. Detailed descriptions of risks, uncertainties and factors relating to Sears Holdings are discussed in our most recent Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.

"We don't need more customers".



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