SEARS TO CLOSE MORE THAN 100 STORES AND LAY OFF NEARLY 5,500 EMPLOYEES (STA BREAKING NEWS and ARCHIVES)

by STANews , Thursday, October 23, 2014, 18:20

Sears Holdings Corp is shuttering more than 100 stores and laying off at least 5,457 employees, investor website Seeking Alpha reported on Thursday, indicating the struggling retailer may be stepping up store closures.

Sears said in August it had closed 96 stores in the six months since February and planned to close a total of 130 under-performing stores during the full fiscal year. It added at the time that it may shutter additional stores beyond the 130 target.

Sears spokesperson Chris Brathwaite declined to comment on the number of planned closures, saying the company would provide an update when it reports quarterly earnings next month. Reducing operations to the best performing stores is key to Sears’ revival strategy, he said.

MORE...

http://www.theguardian.com/business/2014/oct/23/sears-close-100-stores-lay-off-employees