More broken promises at Sears as layoffs and store closures top original projections [CNBC]
SEARS HOMETOWN & OUTLET (SHOS)
US:NASDAQ Investor Relations:
searshometownstores.com
Company Research
Source: CNBC
More broken promises at Sears as layoffs and store closures top original projections The parent of Sears and Kmart is set to layoff 250 employees and close even more stores than expected, putting a dent in the promises of revival laid out by its longtime chairman, Eddie Lampert Through an affiliate of his hedge fund ESL Investments, Lampert bought Sears and Kmart after their former parent, Sears Holdings, filed for bankruptcy in October. Sears had been unable to tackle its debt load and faced robust competition from Walmart Target Amazon Lampert promised employees and the bankruptcy court that a new Sears could take advantage of its iconic heritage and fend off these challenges, preserving roughly 45,000 jobs. He and his partners said they would improve the retailer's performance by only running 425 of its profitable stores, rather than the roughly 700 stores it had when it filed for bankruptcy. They also said the company would build out smaller stores focused on selling its most popu
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