Sears details savings from job cuts (3000 jobs)

[UpInArms]

http://chicagobusiness.com/cgi-bin/news.pl?id=13487

Sears, Roebuck and Co.’s plans to slash thousands of jobs and revamp its information technology operations will produce annual savings of $55 million to $65 million, the company said in a public filing.

The Hoffman Estates-based retailer won’t realize those savings in full this year, however, because it took a $41-million pretax charge in the second quarter related to severance costs.

In quarterly financial statements filed with the U.S. Securities and Exchange Commission (SEC) Wednesday, Sears said after selling its $3.4-billion credit business to CitiGroup last year, it has found “opportunities to create a more streamlined, focused retail company with fewer jobs that are wider in scope and responsibility.”

In July, Sears announced plans to trim 3,000 jobs from its stores nationwide and about 340 positions from its headquarters, of which 165 were unfilled positions that have since been eliminated.

...more...

[arwalden]

1. Kick.

[Child_Of_Isis]

2. "with fewer jobs that are wider in scope and responsibility.”

This means that one person will now fill the positions of 2 or 3, with a one position pay, of course. What was that saying..parents are now competing with their teenagers for the same jobs. Or something to that effect. Why pay three teens when you can pay one desperate adult?

[barb162]

3. I wonder

how many of the jobs are really going to be done in India for a few bucks an hour.

[mbperrin]

4. Woo-hoo, baby! Look at that * job machine go!!!!

Some more people got jobbed!!!!! (as opposed to getting jobS)

[RC]

5. I havent done any business at Sears

in over 10 years. Good products, Shitty management.

[DainBramaged]

6. I am so tired of America screwing Americans for the god INC.

[DainBramaged]

7. I read this as far more than just 3340 jobs announced

plans to slash thousands of jobs and revamp its information technology operations

[David Zephyr]

8. Kick! We've Turned the Corner!

n/t