Sears cutting jobs; key digital exec to leave

Sears is eliminating some 400 full-time jobs at its corporate offices, in Hoffman Estates, Illinois, and from its support functions.

Sears said that while the full number of employees who are affected directly represents just a small part of the company's total employee count, the company remains conscious of the impact it has on individual workers.

Sears said Tuesday it has already reduced annual costs by $1 billion and is continuing to make progress in the restructuring program begun in February.

These actions are created to help the retailer reach its $1.25 billion annualized savings goal.

Lampert added that the company remained focused on the realigning of its business model in the highly competitive and evolving retail environment.

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Sears Holdings Corp. said Tuesday that the job cuts are part of its previously announced plans to save $1.25 billion in costs a year. The layoffs would also also affect positions at field operations.

Sears is providing its eligible associates severance compensations and assistance with their transition.

Continued growth of our Shop Your Way ecosystem through strategic partnerships and value offerings, including recently announced partnerships with Citi and Time Inc. Going forward, we will focus our investments to drive the growth of our valuable assets, such as our Shop Your Way platform; our Kenmore, Craftsman at Sears and DieHard brands; the nation's largest product fix services provider, Sears Home Services; and Sears Auto Centers, a leading provider of automotive maintenance and fix services and parts. These cost savings include a paydown of approximately $418 million of term loans, an agreement with Metropolitan Life to annuitize $515 million of pension liability to reduce the overall size of the company's pension plan and the monetizing of certain real estate properties that generated more $200 million in proceeds.

Do you work at Sears or Kmart and have a story to tell? The Company operates through its subsidiaries, including Sears, Roebuck and Co. and Kmart Corporation, with full-line and specialty retail stores across the United States.

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