Sears Holdings Corp (NASDAQ:SHLD) has announced that it will be laying off more employees. The Sears layoffs will include 400 workers.
The Sears layoffs that were announced by the company on Tuesday morning include those working at its headquarters. The layoffs will also reach workers at its support facilities across the world. The retailer says that all of the layoffs will be for full-time employees.
According to the company, the Sears layoffs will mostly have employees at its headquarters in Hoffman Estates losing their jobs. The company says that it is providing employees with severance packages and is helping them transition to new jobs.
Sears notes that it didn’t immediately start with laying off its own employees. Instead, the retailer first eliminated open positions. After that, it started to cut its amount of contract employees. This was done to lessen the blow to its own full-time workforce.
The new batch of Sears layoffs are part of the company’s ongoing restructuring efforts. SHLD says that these efforts, which also include other layoffs and closing stores, will bring it $1.25 billion in yearly savings. It plans to complete the effort during fiscal 2017.
Sears recently added more stores to its list of those that will be closing in 2017. This includes an additional 16 Sears locations and 49 Kmart stores. This brings its total planned closures for the year to 180. The move will likely leave the company with roughly 1,200 stores still in operation.
SHLD stock was down 2% as of Tuesday morning and is down 25% year-to-date.
