$200 mil cost savings unrelated to store closings

I guess the CFO of sears holdings warned us !

1/10/2018 announcement

The Company also outlined incremental actions to further streamline its operations to drive profitability, including cost reductions of $200 million on an annualized basis in 2018 unrelated to store closures.

Rob Riecker, Sears Holdings' Chief Financial Officer

It’s disgusting how they are doing this to the full timers and once they are cut.. oh you can re apply for part time minimum with a max of 30 hours... which we already know is a lie.. they will prob schedule everyone 3hrs a week

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Yep. Saw that & read it to mean -- fewer employees.

Cost reductions means no advertising, less IT support, less customer support, less buyers, less market managers, less region managers, less hours, less employees, less benefits.

@irt- eliminating full time positions but offering part time at min wAge but you have to re apply

No severance payouts eventually because everyone will be part time

No benefits- no health insurance dental and optical

Salaried goes to hourly which means less severance if you get cut

No guarantee for min of 30 hrs a week because 30 hours will be the new maximum hours a week

Assistance Store Manager positions

Demoted to coordinator at hourly wage part time max 30 hours

Wua- not only no advertising or paper ads but gave you noticed the major reduction of RES signs that have been replaced with the handwritten Blowout signs since November? Holiday Blowout, winter Blast(a dud),winter Blowout!!

When and what is the next catchy blowout event? Will it be liquidation blowout

They try to push the blowout signing as it makes customers buy more than with the old res signage

Sears/Kmart wd be better off to keep prices at the level of the lowest priced res sign for the month and forget sale signs all together

The waste of resources doing a complete store takedown setup of signs especially for RTW has been a waste since I’ve been with sears for over 11 years

To take one res sign down only to replace with the exact sign with a different date at the bottom is just plain stupid yet those people get paid a premium wage, a lot more than the workers that have had to deal with the stupidity for years!

Can someone explain me what are those cost reductions ?

Thanks

just stop the advertising,. It is that easy. When you minimize ads over the holidays you have already given up.When you go to a all part time formate of employees you have given uo. They are just trying to buy a few months more time before the collapse

Can they really find that many sloth - like people willing to work just 3 hours a week? Unbelievable!

Key words

Incremental actions

Unrelated to store closings

Thread regarding Sears layoffs

$200 mil cost savings unrelated to store closings

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