Business

Sears announces 220 corporate layoffs amid continued store closings

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.

Click here to sign up for our brand new email news brief, Worth Your Attention!

Advertisements

Categories: Business

Tagged as: , , , ,

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s