(Reuters) - Struggling retailer Sears Holdings SHLD.O said on Wednesday it has cut 115 jobs, including 100 at its headquarters near Chicago, to reduce costs.
The move comes as Sears, which has lost more than $6 billion over the past four years, prepares to announce results for the key holiday quarter late next month. Shares of Sears were down 4.1 percent at $32.80 in morning trade.
Sears spokesman Howard Riefs said the company has eliminated 100 positions at its headquarters in Hoffman Estates, Illinois where it employs about 5,500 people, and 15 jobs at corporate support locations across various departments.
“These decisions are never taken lightly, but they are a necessary part of our efforts to transform the company and return it to profitability,” Riefs said in an emailed statement, adding that eligible workers would receive severance and be provided with outplacement services
The layoffs were earlier reported by Crain’s and the Chicago Tribune.
Led by Chief Executive Eddie Lampert, Sears has been attempting to restore profitability by shrinking its network of stores and promoting the integration of its brick-and-mortar and online capabilities. The company has also been selling off assets to generate cash.
The company announced last month that Imran Jooma, former head of its online operations and a key member of Lampert’s management team, had resigned and would leave the company in February to pursue a new opportunity.
Reporting by Nathan Layne; Editing by Meredith Mazzilli