Sears to cut 400 full-time jobs, mostly at corporate office

People shop at a Sears store

Sears Holdings Corp. said it is cutting 400 jobs at its corporate offices as part of its restructuring plan.

After the company released its first-quarter financial report, the retailer announced that it would increase its goal to cut $1.25 billion within the fiscal year.

The actions are expected to save the company almost $1 billion this year. That requires the company to optimize its store footprint as well as operate an organization that is simpler and leaner. In addition, certain positions at our field operations will be impacted by these restructuring actions.

Eligible associates will be provided severance compensation and transition assistance.

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Officials at the company said the reductions in staff were taking place in a number of areas and represent a mix of different positions in different business units along with roles across its organization. These cost savings include a paydown of approximately $418 million of term loans, an agreement with Metropolitan Life to annuitize $515 million of pension liability to reduce the overall size of the company's pension plan and the monetizing of certain real estate properties that generated more $200 million in proceeds. Forward-looking statements, including these, are based on the current beliefs and expectations of our management and are subject to significant risks, assumptions and uncertainties, many of which are beyond the Company's control, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements.

In other news, Stephan Zoll, president of online, Sears Holdings, is stepping down from the company, effective June 15, Sears said Tuesday in a separate 8-K filing with the Securities and Exchange Commission.

Sears Holdings Corporation (NASDAQ: SHLD) is a leading integrated retailer focused on seamlessly connecting the digital and physical shopping experiences to serve our members - wherever, whenever and however they want to shop.

Shop Your Way, Sears' membership program, has been the centerpiece of Sears Chairman and CEO Edward Lampert's plan to turn around the struggling Sears and Kmart chains since it launched in 2009.

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