×
3 432
Fashion Jobs
EVERLAST GYMS
General Assistant - Everlast Fitness
Permanent · NORTH LYNN INDUSTRIAL ESTATE
SHISEIDO
Shiseido Account Manager - h Beauty Milton Keynes (37.5 Hours)
Permanent · Milton Keynes
FRASERS GROUP
Warehouse Supervisor - Night Shift
Permanent · SHIREBROOK
HUGO BOSS UK LTD.
Womenswear Sales Manager
Permanent ·
HUGO BOSS UK LTD.
Finance Manager (Maternity Contract)
Permanent ·
COACH
Brand & Media Manager
Permanent · London
REISS
Brand & Comms - Marketing Manager
Permanent · LONDON
HEAD OFFICE
Digital Product Manager – Identity And Account
Permanent · LONDON
HEAD OFFICE
Senior Marketing Planning Manager – John Lewis Financial Services
Permanent · LONDON
HEAD OFFICE
Buyer, Waitrose & Partners (Level 7)
Permanent · BRACKNELL
JOHN LEWIS
Loss Prevention Partner
Permanent · DARTFORD
HEAD OFFICE
Buyer, Waitrose & Partners (Level 5)
Permanent · BRACKNELL
SELFRIDGES
Product Manager
Permanent · LONDON
NEW LOOK
Sales Manager
Permanent · METROCENTRE
FRASERS GROUP
HR Business Partner
Permanent · SHIREBROOK
EVERLAST GYMS
General Assistant - Everlast Fitness (Maternity Cover)
Permanent · ROYTON
PHV
Marketing Executive, UK, Ireland & Nordics (Tommy Hilfiger)
Permanent · London
JIGSAW
Warehouse Operative
Permanent · SWINDON
TJX EUROPE
Loss Prevention Graduate Programme (2023)
Permanent · Grand Londres
ZARA
Visual Merchandising Manager (Kidswear) - Zara - Kingston
Permanent · KINGSTON UPON THAMES
SELFRIDGES
Loss Prevention Inventory Analyst
Permanent · LONDON
HUGO BOSS UK LTD.
Finance Analyst - Retail
Permanent ·
Ads
By
Reuters
Published
Oct 24, 2014
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Sears to close stores, lay off about 5,500

By
Reuters
Published
Oct 24, 2014

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 underperforming stores during the full fiscal year. It added at the time that it may shutter additional stores beyond the 130 target.


Sears spokesman 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.

"While this has resulted in store closures where appropriate – decisions that we do not take lightly – we continue to have a substantial nationwide footprint with a presence in many of the top malls in the country," Brathwaite said.

Sears shares rose 5.9 percent to $36.46 on Nasdaq at mid-afternoon.

Since August the company has moved to close at least 46 Kmart stores, 30 Sears department stores and 31 Sears Auto Centers, Seeking Alpha said, citing local media reports and liquidation notices.

Sears is closing stores to cut costs as it shifts to an "asset-light" business model. The company lost nearly $1 billion during the first half of the fiscal year in a downturn that has worried some vendors and prompted a series of moves by the company to generate cash.

On Monday Sears said it would raise as much as $625 million through an unsecured loan and equity warrants, about half of which will be purchased by Chief Executive Eddie Lampert and his hedge fund. It was the company's third fundraising in a little over month.

It also said on Monday that it would lease seven stores to discount fashion chain Primark for an undisclosed amount, reflecting its effort to use generate rental income from better performing retailers.

Sears had 1,077 Kmart stores and 793 Sears stores in the United States as of Aug. 2. The company had 226,000 U.S. employees as of Feb. 1.

© Thomson Reuters 2023 All rights reserved.