Chicago is My Home

15
Feb

Sears to Cut 200 Jobs at Suburban Chicago Headquarters

Author: Adam Fendelman, Category: Business

Citing falling sales, Sears Holdings is cutting 200 jobs at its headquarters in Hoffman Estates, Ill. A majority of the jobs to be cut will be in support departments. The move will equate to a 5 percent reduction of the 5,000 employed at headquarters.

In 2005, Kmart billionaire investor Edward Lampert pioneered the purchase of Sears, Roebuck & Co. These job cut are a way to turn around his investment. Lampert owns a 48 percent share in the company.

Sears saw an almost 99 percent drop in sales for the third quarter of 2007 as compared to the previous year’s quarter.

By Stephanie Huls