Sears Holdings is the latest company to join the slew of retail employees laying off employees. The Wall Street Journalreports that Sears Holdings, the parent company of Kmart and Sears, is laying off 300 corporate employees. Sears has also closed 22 stores and may close more.
A spokesman for the retailer, which includes Kmart and Sears stores, confirmed the layoffs. Most of the workers were based in Sears' headquarters in Hoffman Estates, Ill., but some were located at other corporate facilities in Troy, Mich., and New York City. The company employs roughly 6,900 corporate workers. Sears had cut roughly 100 workers from its headquarters last April.
Sears Holdings has seen sales and profits drop as the bad economy has spurred a triggered a decline in consumer spending.
Sears reported earlier this month that its December U.S. same-store sales fell 7.3%, with Kmart down 1.1% and Sears 12.8%.
Sears has closed 22 of its more than 3,900 stores in recent months and has raised the possibility of shuttering more. Citing "severe conditions in the economy," it withdrew an earlier estimate that earnings for the second half of the fiscal year ending this month would top results from last year.
The falling home prices and home starts hurt Sears because it reduces sales of home-related products like appliances. A Chicago Sun-Timesarticle says some financial bloggers are predicting Sears will close 200 to 300 more stores.
