Sears cuts 250 employees at Hoffman Estates headquarters

[TexasTowelie]

Sears is laying off about 250 employees at its Hoffman Estates headquarters in late October, but there are “no current plans to close the entire facility,” the retailer said in notice filed with the state.

The retailer, which emerged from bankruptcy in February, sent a letter to the Illinois Department of Commerce and Economic Opportunity that said it is implementing a permanent workforce reduction over a 14-day period, beginning Oct. 28.

“Affected employees will be placed on a paid administrative leave effective immediately for the time prior to the employment termination date,” the company said in the Aug. 29 letter.

Sears said various factors may affect the timing of the layoffs. The terminated employees are not represented by a union, the company said.

Read more: https://www.chicagotribune.com/business/ct-biz-sears-layoffs-hoffman-estates-20190904-vasdgwhuyzhbvhctkblqfmpkmi-story.html

[guillaumeb]

1. A slow death of 1,000 cuts.

And vulture capitalist Eddie Lambert takes his fees for dismantling the company and leaving the debt to a shell company.

[liberal N proud]

3. I have been in a company as they did this

Every time they announce a feasibility study or rearrangement you hold your breath until one day they call you on the carpet and hand you a manila envelope.

To the one on the other side of the table, you are nothing but a liability. If you had enough company service you might get a descent severance package.

But just like that you are gone. The exit packages in these events are usually better for those who make an earlier exit.

[guillaumeb]

4. The only winner is Lambert.

The system is designed for this type of capitalist to bleed companies to death.

[liberal N proud]

6. Yep

[kimbutgar]

2. I just want to know if Eddie is going to steal the pension fund.

[guillaumeb]

5. Do you really have to ask?

This started in the Reagan reign.