(CBS) – Illinois-based Sears is shedding 250 jobs, amid a new quarterly report showing the retailer has lost money and share value.
Sears Holdings Corp., which also owns Kmart, confirms the elimination of the jobs to CBS 2, saying most of the cuts will come at the company’s Hoffman Estates corporate headquarters. Another 151 vacant positions will remain unfilled or will be phased out, a spokesperson says.
The company lost $580 million, or $5.44 per diluted share, for the fourth quarter of 2015. Sears officials say an unseasonably warm weather and competition forced the retailer to mark down some merchandise.
“As we head into 2016, we remain committed to restoring Sears Holdings to profitability,” Chairman and CEO Edward S. Lampert said in a prepared statement.