Sears Holdings is undergoing another round of layoffs.
This time the retailer, which operates Sears and Kmart, is letting 220 employees go, primarily from its corporate headquarters.
The cuts were made across business units and were part of the retailer’s continued efforts to restructure and cut costs, according to a spokesperson who spoke with CNBC.
The spokesperson reiterated Sears ‘goals and achievements, saying, “The company continues to achieve significant progress in our restructuring program, with actions taken in fiscal year 2017 to realize $1.25 billion in annualized cost savings.”
[See more about how Sears fared last year: Infographic: Defying Doubts, A Diminished Sears Dodges Bankruptcy Throughout 2017]
In early January, the company announced plans to close 103 more stores.
While most other department stores saw a robust season, the holidays were a bust for Sears, which reported a comp store sales decline between 16 percent and 17 percent across its two banners.
In a bid “to generate liquidity and increase our financial flexibility,” according to Sears Holdings CFO Rob Riecker, the company continues to borrow heavily against its real estate and intellectual property. It’s also shopping around its Kenmore and DieHard brands.
Sears continues to slog along under $3.3 billion in debt, defying industry watchers’ predictions that it will join the list of stores that have fallen into bankruptcy.
Predictably, the retailer’s stock took a hit on this latest news, dropping by 2.5% yesterday afternoon.
Manufacturing in America has been a hot topic in the last year as the Trump Administration works to implement its America First ethos, and some city's in the country are taking in more of this Made in America product.Read more
With traceability top of mind for supply chains, Control Union Certifications has developed its Connected platform to map supply chains all the way back to raw materials.Read more
If millennials love sustainability and ethical companies so much, why aren’t they snapping up ethical brands like they're supposed to?Read more
Against the backdrop of the well documented challenges facing apparel retail in general and department stores specifically, Macy's, Kohl's and Neiman Marcus are all experiencing high-profile changes in the C-Suite.Read more
The British apparel retailer is the latest company to be prosecuted under the False Claims Act for skirting applicable customs duties.Read more