After frequent news of Sears store closings and layoffs in recent years, a recent announcement indicated hundreds of the company’s corporate staff lost their jobs.
Most of the roughly 220 individuals, who CNN reported were laid off effective immediately, were based in Sears’ Chicago-area headquarters.
In a statement, the company confirmed it will “provide severance and transition to those who are eligible” and remains “committed to treating associates with compassion and respect during this difficult time.”
The move is reportedly part of an ongoing measure, along with store closures, to save $200 million this year following a prolonged period of financial decline.
Sears’ last profitable year was 2010. Since then, the company has posted mounting losses, prompting executives to acknowledge uncertainty about the company’s future.
Earlier this month, Sears Holdings, which operates Sears and Kmart stores, announced 39 more Sears stores were on the chopping block in the latest round of corporate closings.