(SHLD) Sears Holding Corporation Subsidiary to Lay off Employees

January 26th, 2010

Land’s End, a subsidiary of Sears Holding Corporation (SHLD), has recently announced plans to lay off about 30 employees in Dodgeville, Wisconsin, and another 30 employees in the U.K. and Germany.

The move is aimed at streamlining the operations of the company amid stringent cost-cutting measures. The employees to be laid off hold diverse positions in the company, and do not include seasonal workers.

Based in Dodgeville, Wisconsin, Land’s End is one of the world’s largest retailers of clothing for the entire family, specializing in casual clothing, luggage and home furnishing. In 2002, Sears bought Land’s End for $1.9 billion. Since then, Land’s End operates as a wholly owned subsidiary of Sears.

Sears is the fourth largest broadline retailer in the U.S. and offers home appliances, tools, lawn and garden equipment, electronic devices, apparel, automotive repair and maintenance products through a countrywide network of approximately 3,900 retail stores. The Illinois-based company’s brands include Kenmore, Craftsman, DieHard, Lands’ End, Jaclyn Smith and Joe Boxer.

Sears’ top-line has been adversely affected by continuing macroeconomic headwinds, which have compelled customers to slash discretionary spending and postpone plans for big-ticket items. Furthermore, sluggish conditions in the automotive industry coupled with rapid deterioration in the home improvement industry have also negatively impacted the company’s top-line performance.

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