More layoffs have taken place at the corporate offices of Sears Holdings in Hoffman Estates, Illinois.
According to a WARN notice filed in Illinois a few weeks ago that was obtained by CNBC, about 200 workers have been laid off from the department store chain, with about 150 of those working specifically at Sears’ Hoffman Estates support center.
On June 26, CEO Eddie Lampert sent a note, which was also obtained by CNBC, to employees reading:
This follows a round of about 220 jobs cut at Sears’ corporate offices earlier this year.
It wasn't immediately clear how many people still work for Sears in Hoffman Estates, and the company declined to comment.
Sears, having recently announced its plans to shutter 100 more unprofitable stores, is in the midst of evaluating a deal where Lampert would use his hedge fund vehicle, ESL Investments, to purchase some of the retailer’s assets to infuse cash into the business to keep it afloat.
The company has been looking for ways to make it through the 2018 holiday season. It recently landed a deal with Citi for its branded credit card that injected more than $400 million into the business. It also earlier this month extended another credit facility, buying the company more time to pay back loans.
Sears’ sales continue to plummet as its stores deteriorate and shoppers opt to buy goods online or elsewhere. The department store chain was once the largest retailer in the U.S., but today names like Walmart and Amazon top that list.
Shares of Sears have fallen roughly 68 percent from a year ago to trade around $2.40 apiece. The company has a market capitalization of about $259 million, compared with Macy's, which has a market capitalization of $11.2 billion, and J.C. Penney, which has a market capitalization of about $745 million.
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