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Sears Trims HQ Staff, Cuts Prices In Canada

2/16/2012 04:16:27 PM Eastern

Hoffman Estates, Ill. - Sears Holdings laid off 1.6 percent of
its corporate workforce today and announced across-the-board price cuts in its
Canadian stores.

The actions come just days before the retail chain is scheduled
to report its fourth-quarter and full-year financial results next week.

The downsizing affected 100 of the company's corporate staff, a
spokesman confirmed to TWICE.   Cuts were made across several departments at
headquarters, here, where Sears employs about 6,000 staffers.

North of the border, Sears Canada has lowered regular prices on more
than 5,000 items in every department in each of its 196 company-owned stores as
part of an enhanced everyday low-price (ELP) strategy.

Calvin McDonald, president/CEO of Sears Canada, said the company
would complement the price cuts with weekly sale items and special limited-time
promotions, and will improve the shopping experience by doing a better job of
matching its in-store merchandising to its sales circulars.

"In order to better compete in a complex and ever-changing retail
industry, the company is committed to getting the value right for its customers
by delivering the right products in the right quantities at the right prices,"
the company said.

The changes follow a 7.8 percent drop in third-quarter same-store
sales at Sears Canada, which contributed to a net loss for the parent company
of $421 million for the three months, ended Oct. 29.

Sears went on to experience a 5.2 percent decline in U.S. holiday
sales, and has since begun shutting upwards of 120 Sears and Kmart stores domestically.

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