Sears cuts of jobs means it doesn't qualify for tax breaks

A Sears store in Hialeah Fla. is seen

A Sears store in Hialeah Fla. is seen

Sears is slashing 400 full-time jobs at its corporate offices, in Hoffman, Illinois, and from its support functions, the retailer announced Tuesday.

The struggling retailer said Tuesday the bulk of job cuts will be at its Hoffman Estates, Ill., headquarters, adding it worked to leave open positions unfilled and reduce contract workers before cutting full-time jobs.

Company officials said Sears has made "significant progress" in its restructuring program, with almost $1 billion in annualized cost savings already actioned to date.

The planned job cuts are in addition to the company's $1.25 billion restructuring plan it unveiled.

"We remain focused on realigning our business model in an evolving and highly competitive retail environment", CEO Eddie Lampert said. That requires the company to optimize its store footprint as well as operate an organization that is simpler and leaner. Other cuts include jobs related to store closures and some field operations positions.

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Eligible associates will be provided severance compensation and transition assistance. The reductions are taking place across various areas of the company.

In the past few years, Sears has closed hundreds of stores amid a sharp decline in sales. Going forward, we will focus our investments to drive the growth of our valuable assets, such as our Shop Your Way platform; our Kenmore, Craftsman at Sears and DieHard brands; the nation's largest product fix services provider, Sears Home Services; and Sears Auto Centers, a leading provider of automotive maintenance and fix services and parts.

As part of the retailer's ongoing restructuring, Sears also said that it was paying down $418 million in term loans and monetizing real estate assets to improve performance. We intend the forward-looking statements to speak only as of the time made and do not undertake to update or revise them as more information becomes available, except as required by law.

Sears has not received a payment this year and the state plans to review Sears' records "to ensure taxpayers are not on the hook for an out-of-compliance agreement", Reineke said.