Sears lays off more than 100 workers
Sears Holdings said Wednesday morning it has laid off about 100 workers at its Hoffman Estates headquarters and about 15 more at other offices.
The company aims to streamline and reduce expenses while “we manage the strategic needs of the business,” said spokesman Howard Riefs.
“This represents a mix of positions in various departments across the organization,” Riefs said. “These decisions are never taken lightly, but they are a necessary part of our efforts to transform the company and return it to profitability. We are committed to treating these associates with respect and compassion during this process. Eligible associates will receive outplacement services and severance to assist in their transition.”
The struggling retailer has been losing money and under pressure from Wall Street in recent years.
Hoffman Estates-based Sears Holdings Corp. has 20,000 fewer employees compared to a year ago more than two years of losses so far.
The parent of Sears and Kmart retail stores also has sold portions of its business to raise cash, secured a loan through Chairman Edward Lampert's ESL Investments financial firm.