Sears to Cut 1,500 Jobs, Exit Carpet Business
Bloomberg News
Sears, Roebuck & Co. will eliminate 1,500 jobs and quit selling carpet next month as the biggest U.S. department store chain makes room for top-selling products such as appliances and electronics. Sears sells carpet in 560 stores.
The company, which expects to take an unspecified charge for the moves in the fourth quarter, employs about 275,000 people. The job cuts add to 4,900 positions that Chief Executive Alan Lacy has said he would trim while transforming Sears stores to look more like those of Target Corp. and Kohl’s Corp.
Shares of Hoffman Estates, Ill.-based Sears rose 88 cents to close at $50.40 on the NYSE.
