Posted on 05/30/2014 4:24:52 PM PDT by 2ndDivisionVet
Sears Holding Corp. will lay off 55 employees at its parts and distribution center in north Fort Worth as troubles keep mounting for Hoffman Estates, Illinois-based retailer.
In a letter under the Worker Adjustment Retraining and Notification Act (WARN) to the Texas Workforce Commission, the company said the employees will be laid off from its facility at 5001 N. Beach St., and that the eliminations are expected to be permanent. The terminations are expected to occur on or around June 29, the letter said.
Sears said it will keep the Fort Worth facility open while reducing its staff.
"These decisions are never easy, but they are necessary as part of our efforts to reduce on-going expenses, adjust our asset base and accelerate the transformation of our business model," said Howard Riefs, Sears' director of corporate communications. "Those associates that are eligible will receive severance and have the opportunity to apply for open positions at area Sears or Kmart stores."
Sears (NASDAQ: SHLD) reported weak first quarter earnings last week, with revenue declining from $8.45 billion in first quarter 2013 to $7.88 billion in the same period for 2014. Net loss for the company was placed at $402 million, or $3.79 loss per diluted share.
On May 22, the company announced plans to close more stores in addition to the 80 already shutting their doors, USA Today reported.
Sears was destined to go downhill when the socialist Martinez took over. With the socialist Obama running the country, it’s amazing Sears, or any big mall stores are still in business.
Funny how Sears was never considered too big to fail.
But GM and AIG are TBTF.
Sears used to be a Dow component with symbol “S”. Now they are nothing more than a company slowly liquidationg itself, until no one has a job.
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