Sears is laying off 200 more people


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Sears is closing its last Chicago store

Sears is eliminating about 200 jobs, together with 150 in its Illinois headquarters.

The embattled firm’s CEO, Eddie Lampert, introduced the modifications in a June 26 letter to workers. CNBC first reported the layoffs earlier Wednesday.

“Your management group and I need you to know that these selections weren’t taken evenly or simply,” Lampert wrote.

The layoffs had been efficient instantly, with severance offered by August 25. Sears already laid off about 220 folks from from its company places of work earlier this 12 months.

Associated: The final Sears in Chicago is closing

The cuts come because the once-iconic retailer struggles to remain afloat.

“Modifications like these are a essential a part of making a stronger group on this time of trade disruption,” Lampert wrote within the June letter.

Sears has misplaced $11.2 billion since 2010, its final worthwhile 12 months. Gross sales have plunged 60% in that point. Sears Holdings (SHLD), which operates each the Kmart and Sears manufacturers, had a complete of three,500 US shops when it merged the 2 manufacturers in 2005. Now it has fewer than 1,000.

The corporate stated it employs about 89,000 full- and part-time employees in the US and US territories as of early February.

Lots of the remaining Sears and Kmart shops are now not even owned by Sears. Starved for money, the holding firm has bought a lot of its actual property and leased again the properties the place it nonetheless operates shops.

The final Sears in Chicago is closing on Sunday.

— CNN’s Chris Isidore contributed to this report.

CNNMoney (New York) First revealed July 11, 2018: four:53 PM ET

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