Published: Tue, June 27, 2017
Money | By Charlene Sutton

Sears Cuts 400 Jobs

Sears Cuts 400 Jobs

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.

Company officials said Sears has made "significant progress" in its restructuring program, with almost $1 billion in annualized cost savings already actioned to date.

Sears Holdings is reducing headcount as part of its ongoing effort to deliver $1.25 billion in annualized cost reductions.

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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. "We remain focused on realigning our business model in an evolving and highly competitive retail environment. This requires us to optimise our store footprint and operate as a leaner and simpler organisation". In addition, certain positions at our field operations will be impacted by these restructuring actions.

Sears will provide eligible associates with severance compensation and transition assistance.

Looking ahead, Sears says it will continue to take all necessary action to meet its savings target, focusing all investments on it "valuable assets", such as Shop Your Way, Kenmore, Craftsman, and DieHard brands, Sears Home Services, and Sears Auto Centres. The Hoffman Estates, Ill. -based retailer is also looking into potential deals for its Kenmore appliances and DieHard auto parts.

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Other steps Sears said it was making to improve its performance included paying down term loans by $418 million, monetizing a certain amount of its real estate that generated more than $200 million of overall proceeds and reaching an agreement to reduce the pension plan of the company with Metropolitan Life Insurance. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.

Sears spokesman Howard Riefs declined to say how many employees work at the headquarters.

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