US retail icon Sears Holdings Corp said on Tuesday it would cut 400 full-time jobs at its headquarters in Illinois as part of its plan to save more than $1 billion in costs annually.
The cuts will primarily affect workers at Sears’ headquarters in Hoffman Estates, Illinois.
The move comes one week after the retailer revealed it was closing 65 more Sears and Kmart stores, in addition to the 180 closures announced earlier this year.
“We are making progress with the fundamental restructuring of our operations that we initiated in February,” Sears CEO Eddie Lampert said in a statement Tuesday . “We remain focused on realigning our business model in an evolving and highly competitive retail environment. This requires us to optimize our store footprint and operate as a leaner and simpler organization.”
The retailer posted a loss of more than $2.2 billion last year, marking its sixth consecutive year of turmoil in which the firm has lost more than $10 billion and almost 85% of its share price.