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

Reuters

Reuters

The layoffs come as part of an effort to restructure their business, which is created to deliver Sears $1.25 billion in annual cost reductions.

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

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

Sears Holdings Corporation ("Holdings", "we", "us", "our", or the "Company") (NASDAQ: SHLD) today announced important actions related to its previously disclosed strategic restructuring program, which is created to deliver $1.25 billion in annualized cost reductions.

Sears Holding Corp made the announcement on Tuesday, saying the retailer is close to meeting its goal of "saving $1.25 billion in costs this year", according to Reuters.

Lampert added that the company remained focused on the realigning of its business model in the highly competitive and evolving retail environment.

The company said it's aware of the impact on its employees. The storied retailer vowed to make additional spending cuts to offset its slowing business. The company already closed 150 stores earlier this year, in addition to 92 Kmart pharmacy operations and 50 Sears Auto locations. Forward-looking statements, including these, are based on the current beliefs and expectations of our management and are subject to significant risks, assumptions and uncertainties, many of which are beyond the Company's control, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.

In other news, Stephan Zoll, president of online, Sears Holdings, is stepping down from the company, effective June 15, Sears said Tuesday in a separate 8-K filing with the Securities and Exchange Commission.

Now 2 brokers are covering Sears Holdings Corporation (NASDAQ:SHLD), 0 rate it "Buy", 0 "Outperform", 2 "Underperform", 0 "Sell", while 0 "Hold".

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