Up to a quarter of the 4,200 employees at the Chicago-area's Sears Holdings Co. may receive layoff notices this week, the Chicago Tribune said April 25.
Sears, Roebuck and Co. completed a U.S. $55 billion merger with the Kmart Holding Co. March 24, creating the nation's third-largest retailer. Earlier this month, Sears Holdings notified state, federal, and local government officials that at least 500 workers would be terminated in a "mass layoff" at Sears' headquarters in Hoffman Estates, IL, U.S.
Federal law requires notification when a company plans to layoff 500 or more workers. Illinois law requires 60 days notification of plant closing or mass layoffs at companies with 75 or more employees.
"There's still a lot of noise around the numbers," a former Sears executive told the newspaper. "The people I talk to say hundreds and maybe it'll even get into 1,000 or more."
Sears Holdings has already terminated about a dozen high-level executives. (UPI, The Washington Times)
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