Sears, Kmart parent company to lay off 250 employees

Sears, Kmart parent
company to lay off 250
employees

Article source: https://www.foxbusiness.com/retail/sears-kmart-parent-company-layoffs

The bad times just keep coming for Sears and Kmart: More employees are being laid off, this time at parent company Transformco.

About 250 office workers will be losing their jobs in Illinois, likely starting around late October, USA Today reports. Billionaire businessman Eddie Lampert, who was previously chairman and CEO of Sears, acquired Sears from bankruptcy and runs it via Transformco.

Transformco announced in August it would be closing 26 Sears and Kmart stores.
"We have faced a number of challenges returning our stores to sustainable levels of productivity, including differences with Sears Holdings over our purchase agreement and a generally weak retail environment," the company said in a statement at the time. "These challenges have unfortunately affected our performance and limited our strategic choices. ... Our goal remains to return the company to profitability and preserve as many jobs as possible in the communities we serve."

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4 replies (most recent on top)

Sure the press got it wrong, but...
"fascinating to watch from inside and see all the buzz about nothing"?
Really? The percentage of reduction in the Merchant org was approaching 40%.
Hardly "nothing"!
While I'm not a fan of the press, perhaps if this company was transparent about these events, the press could get it right.
No doubt, that won't happen.

Eddie keeps on repeating the same statements about difficulties and challenges affecting the transformation process but the goal is still to return the company to profitability.

Eddie has been repeating the same message for 12 years now.....However, at the start of those 12 years, there were 3,000 K Mart and Sears stores in operation.

Now there are a little over 400 stores remaining and Eddie is still promising the big turnaround to profitability.

Sears and K Mart have lost relevance to customers and those customers have moved on to shop other retailers.

It is very interesting to be working at Transformco, reading the stories in full, then seeing snippets of the main story being released by other news outlets, and how the news morphs and changes into a completetly mis leading story. It happens all the time, im convinced.

The truth is that this plan was already in place. The layoffs were done last week; the wild rumours about other layoffs in October were clarified by an official statement which stated the layoffs just done have carry over payroll via severance, and that ended mostly in October, making the official termination of employment date in October for those fired in late August. Get it?

Again, fascinating to watch from inside and see all the buzz about nothing; as stated in the original story and quote.

Ever notice it’s the same lies each time there are store closings about returning sears/Kmart to profitability!

The only one making a profit is Eddie himself

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Sears, Kmart parent company to lay off 250 employees

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