More layoffs have taken place at the corporate offices of Sears Holdings in Hoffman Estates, Illinois.
Eddie Lampert despatched a word, which was additionally obtained by CNBC, to workers studying:
“As we work to advance our strategic transformation, we all know that we must return the company to profitability in order to retain the confidence of our constituents. This means continuing to look at ways to streamline our operations while staying focused on our Best Members, Best Categories and Best Stores. Today, we made the very difficult decision to eliminate a number of positions across various business units and roles. While these changes didn’t impact a large percentage of our workforce, your leadership team and I want you to know that these decisions were not taken lightly or easily. We are grateful for the contributions of these associates and we are committed to treating them with compassion and respect during this challenging time, including offering severance and outplacement assistance to make career transitions easier for all who are eligible. Having co-workers and friends leave the organization is never easy, but making changes like these are a necessary part of creating a stronger organization in this time of industry disruption. We continue to fight every day to improve the performance of Sears Holdings — and you are central to that effort. I ask everyone to remain focused on the OKRs you set for the quarter as your goals can have a direct impact on our company’s transformation. By building meaningful relationships with our members — who look to us for our brands, our services and convenience — we can drive sales and put our company on the right path for the future. Thank you for your continued commitment to Sears Holdings.”
This follows a spherical of about 220 jobs cut at Sears’ corporate offices earlier this yr.
It wasn’t instantly clear what number of people nonetheless work for Sears in Hoffman Estates, and the corporate declined to remark.
Sears, having just lately introduced its plans to shutter 100 more unprofitable stores, is within the midst of evaluating a deal the place Lampert would use his hedge fund car, ESL Investments, to buy among the retailer’s property to infuse money into the enterprise to maintain it afloat.
The firm has been on the lookout for methods to make it by the 2018 vacation season. It just lately landed a cope with Citi for its branded bank card that injected more than $400 million into the enterprise. It additionally earlier this month extended another credit facility, shopping for the corporate more time to pay again loans.
Sears’ gross sales proceed to plummet as its shops deteriorate and buyers choose to purchase items on-line or elsewhere. The division retailer chain was as soon as the biggest retailer within the U.S., however right now names like Walmart and Amazon prime that checklist.
Shares of Sears have fallen roughly 68 p.c from a yr in the past to commerce round $2.40 apiece. The firm has a market capitalization of about $259 million, in contrast with Macy’s, which has a market capitalization of $11.2 billion, and J.C. Penney, which has a market capitalization of about $745 million.
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