Sears Holdings is eliminating about 220 corporate posts, with the majority coming out of its Hoffman Estates, Ill., headquarters.
The cuts, effective immediately, represent roughly 5 percent of its corporate staff, and cross “various business units and roles across the organization,” a spokesman said.
The pink slips are part of a plan, announced earlier this month by chairman/CEO Eddie Lampert, to trim $200 million in expenses in pursuit of a return to profitability this year.
The cost-savings are apart from store closures. Another 103 Sears and Kmart stores are set to close by April, on top of 63 planned closings in January and the approximately 330 closures through the third quarter of last year.
The company entered 2018 following a bruising holiday season, in which a reduced tech assortment and in-store pharmacy closures contributed to same-store sales declines of 16-17 percent at Sears and Kmart for the first two months of Q4.
Sears is projecting a net loss of between $320 million and $200 million for the quarter, reduced from a year-ago net loss of $607 million.