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Sears to slash 400 jobs in effort to cut costs

Sears(HOFFMAN ESTATES, Ill.) -- Sears will be cutting 400 full-time positions as part of its ongoing restructuring efforts, according to a company statement.

Eligible associates will be provided severance compensation and transition assistance. The retail chain hopes to deliver $1.25 billion in annualized cost reductions.

Since the beginning of the fiscal year, Sears Holdings has actioned nearly $1 billion in annualized cost savings to date, according to the company.  

"We are making progress with the fundamental restructuring of our operations that we initiated in February," said Edward Lampert, chairman and CEO of Sears Holdings. "We remain focused on realigning our business model in an evolving and highly competitive retail environment. This requires us to optimize our store footprint and operate as a leaner and simpler organization."

The majority of the eliminated positions are from the corporate offices at the headquarters in Hoffman Estates, Illinois.

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