Sears To Replace Employee Discount Program With New Points Program

By Tonya Garcia Markets MarketWatch Pulse

Sears Holdings Corp. will replace its associate discount program with a new associates points program that will award points and other perks through the company's Shop Your Way loyalty program, effective Jan. 29. With the current system, a discount is taken on items at the time of purchase. Under the new points program, associates will receive 20% back in points on softlines categories, such as clothing, and 15% back on hardlines purchases, such as home furnishings and appliances, according to company spokesperson, Howard Riefs. Points can be used toward future purchases. "All of our company initiatives support the company's transformation from a traditional retailer to a member-centric integrated platform leveraging Shop Your Way," said Riefs. Sears shares are unchanged in Thursday premarket trading, and down 47.3% for the last year. The S&P 500 index is up 20.8% for the past 12 months.

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