Sears to Cut 400 Jobs
Sears Holding Corp. announced this week that it would eliminate 400 jobs in its corporate headquarters in Hoffman Estates, Ill., located in the suburbs of Chicago.
Most of the job cuts will come from the company headquarters, according to a Sears press release.
The department-store chain, which started as a mail-order business in 1886, announced what it called a “strategic restructuring” program in February. The restructuring featured the closure of 108 Kmart and 42 Sears stores. Kmart is a division of Sears Holding.
Edward S. Lampert, Sears’ chairman and chief executive officer, said the job cuts and store closings would save the company close to $1 billion in annualized cost savings.
“We remain focused on realigning our business model in an evolving and highly competitive retail environment. This requires us to optimize our store footprint and operate as a leaner and simpler organization,” Lampert said in a statement.
The company forecasts it will grow more profitable by driving sales through its programs such as the Shop Your Way platform and increased business from its brands such as Kenmore, Craftsman at Sears and DieHard. It also hopes to continue driving business from its Sears Auto Centers.