Sears laying off 115 corporate employees
Sears Holdings Corp. Wednesday announced layoffs of 115 corporate employees, including 100 at its Hoffman Estates, IL headquarters.
The cuts, effective immediately, are in various departments throughout the retailer’s corporate organization, the company said.
The move is another in a series of measures to cut costs and restructure as the retailer tries to offset continuing losses.
Sears, the once-iconic retailer, is in a fight for its life, closing stores and leveraging its real estate holdings to minimize costs and maximize its advantages. According to Tenth Avenue Holdings portfolio manager Don Ingham, if Sears really can get a grip on losses, it does still have a chance to turn things around in a couple of years.
“The company continually seeks to enhance its operational efficiencies and reduce expenses while we manage the strategic needs of the business,” Howard Riefs said about the layoffs to CNBC in an email. “These decisions are never taken lightly, but they are a necessary part of our efforts to transform the company and return it to profitability.”