SEARS TO ELIMINATE 400 JOBS IN FURTHER RESTRUCTURING EFFORTS
Sears Holdings Corporation has announced important actions related to its previously disclosed strategic restructuring program, which is designed to deliver $1.25 billion in annualized cost reductions. These actions include the elimination of approximately 400 full-time positions at its corporate offices and support functions globally, in addition to certain positions at its field operations as well as the store closures it initiated last week.
Combined with the restructuring actions announced since the beginning of the fiscal year, Sears Holdings has actioned nearly $1 billion in annualized cost savings to date and is on track to deliver $1.25 billion in annualized savings through actions taken in fiscal year 2017.
“We are making progress with the fundamental restructuring of our operations that we initiated in February,” said Edward S. Lampert, chairman and chief executive officer of Sears Holdings. “We remain focused on realigning our business model in an evolving and highly competitive retail environment. This requires us to optimize our store footprint and operate as a leaner and simpler organization.”
Today’s announcement is in addition to the significant actions the company has already taken. Since the beginning of the calendar year 2017, Sears Holdings has taken decisive steps to improve its operational performance, enhance its financial flexibility and drive its strategic transformation, including significant progress on its strategic $1.25 billion restructuring program, and a paydown of approximately $418 million of term loans outstanding under its revolving credit facility.
