Sears Cuts 115 Corporate Jobs as It Works to Reduce ExpensesLauren Coleman-Lochner
Sears Holdings Corp., the retailer run by hedge fund manager Edward Lampert, eliminated about 115 corporate jobs to cut costs after three years of losses.
Approximately 100 jobs were cut at the retailer’s headquarters in Hoffman Estates, Illinois, and 15 positions were eliminated elsewhere, Howard Riefs, a spokesman, said today in an e-mail.
Lampert, the retailer’s chairman and chief executive officer as well as its largest shareholder, has been shutting stores and getting rid of assets such as the Lands’ End clothing business while trying to boost sales to rewards program members. Sears has continued to struggle, posting $5.44 billion in net losses in the past three years and $1.52 billion in the first three quarters of the current fiscal year.
Sears fell 3.5 percent to $32.99 at 12:08 p.m. in New York. The shares declined 11 percent last year.
The cuts were reported earlier by the Chicago Tribune.