Sears To Eliminate 400 Jobs

By Tonya Garcia Markets MarketWatch Pulse

Sears Holdings Corp. said Tuesday that it will eliminate 400 full-time positions at corporate offices and in support roles. Sears said the majority of the positions will be at the Hoffman Estates, Ill., headquarters, outside Chicago, but described the job cuts as global. The struggling retailer first eliminated job openings and reduced contract workers before making cuts to full-time positions. Sears said in April that it would make cost reductions of $1.25 billion in fiscal 2017, and says its actions have created $1 billion in annualized cost savings to date. Sears has taken a number of steps to reduce its debt burden in recent months to turn around the company. Sears shares are inactive in Tuesday premarket trading, but are down 41.5% for the past year. The S&P 500 index is up nearly 17% for the last 12 months.

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