Sears Announces Layoffs

Sears Holdings Corp. (Hoffman Estates, Ill.) has laid off 130 employees from its corporate headquarters.  

The layoffs are part of a $1 billion cost-cutting plan, according to the New York Business Journal, which includes closing 150 Sears and Kmart locations.

The retailer’s fourth quarter showed a 16 percent decline in sales due to ecommerce competition, as well as a decrease in mall traffic. It recently sold its Craftsman tool brand to Stanley Black & Decker for $900 million over 15 years.