Sears Holdings on Wednesday laid off 220 employees primarily at the company’s corporate headquarters in Hoffman Estates, Illinois, effective immediately.
The layoffs are part of an ongoing restructuring effort at Sears, and they follow rounds of cuts in March and June, both mostly in Hoffman Estates, totaling more than 500 jobs. The company said it will provide severance and transition assistance to eligible employees.
“Positions in various business units and roles across the organization were impacted,” the company said in a statement that noted efforts to shed money-losing product categories, shutter weaker stores and winnow operations helped it make “significant progress in our efforts to improve our financial position.”
In addition to ramping up promotions, Sears has closed hundreds of stores, borrowed cash from CEO Edward Lampert and spun off locations to capitalize on the value of their real estate. The company disclosed US $1.25 billion in cost cuts in fiscal 2017.
“As a result of these actions, in addition to other liquidity and strategic actions, we made significant progress in our efforts to improve our financial position and to sharpen our operating focus,” Sears said Wednesday.
