Sears to cut 400 full-time jobs, mostly at corporate office

Reuters

Also on Monday, Sears in the US said it will cut 400 management and support jobs, mostly at the company's suburban Chicago headquarters, in an effort to cut $1.25 billion in annual costs.

While the majority of the eliminated positions are in Hoffman Estates, some are in Sears' field offices.

"We are making progress with the fundamental restructuring of our operations that we initiated in February", said Edward Lampert, chairman and CEO of Sears Holdings, in a news release. "This requires us to optimise our store footprint and operate as a leaner and simpler organisation".

Sears did not specify which of its 65 locations would be in its next round of store closures.

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.

Sears is providing its eligible associates severance compensations and assistance with their transition.

Today's announcement is in addition to the significant actions the Company has already taken.

Sears, controlled by billionaire investor Eddie Lampert, also said it would cut a "small fraction" of jobs related to stores it shuttered last week.

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

"We continue to evaluate strategic options across our portfolio to unlock value from our assets through partnerships, joint ventures or other means", it adds.

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. 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 Holdings Corporation on Tuesday announced the elimination of 400 full-time positions.

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