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Wednesday, January 28, 2015

Sears cuts 115 jobs, mainly at headquarters, to reduce costs, (NASDAQ: SHLD)

Struggling retailer Sears Holdings said on Wednesday it has cut 115 jobs, including 100 at its headquarters near Chicago, to reduce costs.The move comes as Sears, which has lost more than $6 billion over the past four years, prepares to announce results for the key holiday quarter late next month. Shares of Sears were down 4.1 percent at $32.80 in morning trade.Sears spokesman Howard Riefs said the company has eliminated 100 positions at its headquarters in Hoffman Estates, Illinois where it employs about 5,500 people, and 15 jobs at corporate support locations across various departments."These decisions are never taken lightly, but they are a necessary part of our efforts to transform the company and return it to profitability," Riefs said in an emailed statement, adding that eligible workers would receive severance and be provided with outplacement services

Shares of SHLD fell by 3.51% or $-1.2/share to $33.00. In the past year, the shares have traded as low as $22.45 and as high as $48.25. On average, 1281930 shares of SHLD exchange hands on a given day and today's volume is recorded at 338868.